• G10: Custodian clients turned net USD-JPY buyers in April
• Asia: SCTF Aggregate Flow Index shows that our clients turned net USD-KRW sellers
• Africa: SCTF Aggregate Position Index shows that our clients are short USD-ZMW, long USD-ZAR
EM central banks continue to add to reserves quite aggressively, particularly in Asia
• Net addition to Asian reserves over the past 3 months (of c.USD 55bn) is the highest in more than 4 years
• Reserve diversification-related flows are likely t...
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