Brad Setser says state investors are shifting reserves away from conventional assets like Treasuries in search of higher yield. He points to moves such as China tilting reserves toward agency debt, underscoring a broader change in official capital flows.
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Brad Setser says state investors are shifting reserves away from conventional assets like Treasuries in search of higher yield. He points to moves such as China tilting reserves toward agency debt, underscoring a broader change in official capital flows.
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