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Federal Reserve Bank of San Francisco: 'Optimal Foreign Reserve Intervention and Financial Development'
November 19, 2025
SAN FRANCISCO, California, Nov. 19 (TNSLrpt) -- The Federal Reserve Bank of San Francisco issued the following white paper (No. 2025-27) on Kevin X.D. Huang, Zheng Liu, Mark M. Spiegel by November 13, 2025 entitled "Optimal Foreign Reserve Intervention and Financial Development."

Here are excerpts:

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We document evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange (FX) reserve holdings in re . . .

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