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Mark Sobel emphasizes that the primary goal of G3 and G7 floating currency foreign exchange interventions by official entities is to counteract disorderly markets.
He adds that these interventions are not designed to generate profits or serve as a replacement for fundamental policy measures.
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Sobel recently challenged claims that the ESF’s resources are depleted, stating the fund still holds dollars available for yen intervention. In a separate note, he observed that the U.S. Treasury’s latest FX report did not label China as a currency manipulator. These remarks follow his ongoing commentary on official intervention and currency policy.