Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 38
Whilst the detention of Deutsche
Marks was mostly declining, the
appearance of the Euro gave a "kick-
But
structural
in-the-pants"
changes
in
push
international
currencies
must
be
observed
over
a
longer
history.
That
history
proves
the
to the European
inertia
of
the
game.
The
guilder
dominated
markets
for
close
to
two
centuries,
the
sterling
for
one
century,
and
the
currency representation
dollar
will
be
closing
a
century
in
2031.
The
changes
in
regimes
have
been
rhythmed
by
wars
and
swaps
in
geopolitical
powers.
Figure
2
shows
the
rapid
evolution
of
the
absolute
level
of
U.S.
dollar
foreign
currency
reserves,
accelerating
after
the
end
of
Bretton
Woods
system.
The
QE
programme,
the
instability
of
some
emerging
markets,
the
dollarization
of
South
American
countries,
and
the
bigger
use
of
reference
currencies
that
are
not
necessarily
the
domestic
currency
but
the
USD
for
big
multinationals,
have
certainly
helped
fuel
this
evolution.
It
certainly
raises
concerns
on
its
link
with
the
dependence
of
the
evolution
of
financial
markets
on
these
quantities.
For
the
Euro,
it
took
only
9
years
to
be
at
the
same
level
that
the
dollar
had
by
the
beginning
of
the
21st
century.
Figure
1
also
provides
a
good
support
to
economists
advocating
for
the
Euro.
Whilst
the
detention
of
Deutsche
Marks
was
mostly
declining,
the
appearance
of
the
Euro
gave
a
"kick--‐in--‐the--‐pants"
push
to
the
European
currency
representation.
This
must
be
therefore
due
to
reasons
other
than
just
the
need
to
have
a
European
financial
denomination
since
for
financial
engineers,
when
a
European
currency
series
starting
before
the
inception
of
EUR
is
needed,
DEM
is
used
as
the
proxy
anyhow.
FIGURE 2 : EVOLUTION OF FOREIGN RESERVE CLAIMS IN U.S DOLLARS AND EUROS (IN BILLIONS)
Figure 2:
Evolution
of
Foreign
Reserve
Claims
in
U.S.
dollars
and
Euros
(in
billions)
- NOV /
6'000
5'000
N°99
DEC / JAN 2018
7'000
4'000
USD
-
3'000
EUR
Source: own chart, based on COFER IMF Data
2017Q2
2016
2017Q1
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
'0
1990
1'000
1989
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
2'000
some emerging markets, the dollarization of South American
But structural changes in international currencies must be
Next,
it
is
interesting
to
compare
these
numbers,
which
refer
to
reservoirs
of
foreign
currencies
at
central
banks,
to
countries, and the bigger use of reference currencies that
observed over a longer history. That history proves the inertia
the
dynamic
use
of
currencies
in
financial
markets.
For
that,
we
have
to
take
a
look
at
what
the
Bank
of
International
are not necessarily the domestic currency but the USD for big
of the game. The guilder dominated markets for close to two
Settlements
centuries,
(BIS)
in
Basle
has
for
to
one
say.
Its
latest
triennial
central
bank
survey
of
have
December
2016
is
summarized
multinationals,
certainly helped
fuel
this evolution.in
It
the sterling
century,
and the
dollar will
be
Figure
3.
We
can
find
out
for
example
that
the
Swiss
franc,
which
represents
0.17%
of
foreign
currency
reserves,
is
certainly raises concerns on its link with the dependence of
closing a century in 2031. The changes in regimes have been
the evolution
of financial
markets
on theseon
quantities.
rhythmed
by wars
and swaps
in geopolitical
powers.
present
in
4--‐6%
of
all
currency
pairs
traded.
Thus,
you
might
have
a
different
picture
depending
what
you
For the the
Euro,Renminbi
it took only is
9 years
be at theas
same
level that
compare
the
currencies
for.
What
is
also
striking
is
that,
even
though
not
to
"stored"
a
foreign
th of the absolute level of U.S.
the dollar had by the beginning of the 21st century. Figure 1
Figure 2 shows the rapid evolution
currency
reserve,
it
has
become
the
8
traded
currency
with
4%
of
the
deals,
whilst
it
was
nowhere
to
be
seen
15
also provides a good support to economists advocating for
dollar foreign currency reserves, accelerating after the end of
years
ago.
There
are
obvious
reasons
and
circumstances
that
helped
over
that
term,
but
there
is
a
clear
acceleration
the Euro.
Bretton Woods system. The QE programme, the instability of
over
the
last
5
years.
This
suggests
interesting
analytical
questions
like
"how
much
trading
in
financial
markets
influences
38 the
detention
of
currencies
in
foreign
reserves?",
etc....
Table des matières de la publication Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018
COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
FOCUS
Value generation - How to create (more) value for the company with a better capital allocation
Managing bank accounts, the Cinderella of treasury management
Treasury on the Digital Front Line
FORUM
Implementation of EU Tax Rules
Innovative payments solution
Construction de portefeuille : combiner gestion active et passive
Decision Time: Investing in Money Funds after EU Reforms
Payments as a Strategy
Are asia’s corporates ready to repo?
The evolving role of treasurers
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - COUVERTURE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 2
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - SOMMAIRE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 4
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - EDITORIAL
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - FINANCIAL HIGHLIGHTS Luxembourg Tax News
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 7
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 9
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Value generation - How to create (more) value for the company with a better capital allocation
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 11
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 12
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 13
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Managing bank accounts, the Cinderella of treasury management
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 15
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 16
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 17
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 18
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Treasury on the Digital Front Line
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 20
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 21
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Implementation of EU Tax Rules
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 23
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Innovative payments solution
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 25
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Construction de portefeuille : combiner gestion active et passive
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 27
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Decision Time: Investing in Money Funds after EU Reforms
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 29
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Payments as a Strategy
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 31
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Are asia’s corporates ready to repo?
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 33
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - The evolving role of treasurers
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 35
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 36
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - THE FINANCIAL RISK OBSERVATORY
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 38
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 39
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 40
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - NEWS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 42
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 43
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 44
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 45
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 46
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 47
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 48
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 49
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 50
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 51
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 52
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 54
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 55
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 56
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