BIS Quarterly Review, September 2006

The BIS Quarterly Review released today is divided into two parts. The first presents an overview of recent developments in financial markets, before turning in more detail to highlights from the latest BIS data on international banking and financial activity. The second part presents five special feature articles: the first on the changing composition of official reserves; another on the domestic implications of foreign exchange reserve accumulation in emerging markets; a third on forward currency markets in Asia and lessons from the Australian experience; a fourth on derivatives activity and monetary policy; and a fifth on the past 150 years of financial market volatility.