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Brad Setser: Correlation between onshore fx deposits and settlements linked to appreciation pressure absorption

Brad Setser: Correlation between onshore fx deposits and settlements linked to appreciation pressure absorption
Fx deposits and settlements correlation

Brad Setser discusses his latest hypothesis regarding the observed correlation between foreign exchange (fx) deposits held onshore and fx settlements—specifically, the fx sold by the real economy to the PBOC and state banks.

He suggests that both mechanisms serve as tools for absorbing appreciation pressure in the currency.

Setser has previously highlighted the sustained role of Asian government pension funds like NPS and GPIF in influencing market movements, as noted in earlier coverage. He also recently reported that the annualized external sum has reached $600 billion, just above IMF forecasts, according to his analysis. These observations provide further context for ongoing shifts in foreign exchange management.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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