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Free AccessCentral banks' balance sheet asset differential has been another important driver of currencies in the past 10 years, particularly since Covid shock.
Interestingly, PBoC keeps expanding the size of its balance sheet by approximately 5% a year, while the Fed has stepped out of the market on March 9, leading to an increase in the PBoC/Fed balance sheet differential since the start of the year (chart below).
Source: Bloomberg/MNI
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for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.Central banks' balance sheet asset differential has been another important driver of currencies in the past 10 years, particularly since Covid shock.
Interestingly, PBoC keeps expanding the size of its balance sheet by approximately 5% a year, while the Fed has stepped out of the market on March 9, leading to an increase in the PBoC/Fed balance sheet differential since the start of the year (chart below).
Source: Bloomberg/MNI