Contents

Special Column on BRICS Summit and Currency Diversification

The BRICS 2023 Summit and Internationalisation of RMB by Herbert Poenisch

BRICS Emerging Economies & Currency Diversification in Cross Border Payments by Jaya Josie

China

The Current Macro-Financial Environment and Challenges by Eddie Yue

Lower Transaction Costs for Greater Innovation by Andrew Sheng and Xiao Geng

Foreign Investment Crucial for Economic Growth by Chen Yihao and Pan Yuanyuan

Global Economy

Global Economy on Track but Not Yet Out of the Woods by Pierre-Olivier Gourinchas

How Managing Inflation Expectations Can Help Economies Achieve a Softer Landing by Silvia Albrizio and John Bluedorn

Charting a Course Through Rough Seas: How Emerging Markets Can Navigate Tougher External Conditions by Gita Gopinath

Resurgence of Inflation and the New Geopolitical Realities Redesigning Macroeconomic Policy by Alfred Kammer

Monetary and Fiscal Policy

Euro Area Central Bank Losses Increase Complications for Monetary Policy by Nout Wellink and David Marsh

Central Banks at the Crossroads by Luiz Pereira da Silva

Monetary and Fiscal Policy-Mix Addressing the Disease of Inflation by François Villeroy de Galhau

Monetary Policy and Financial Stability by Michael S. Barr

Countries Can Tap Tax Potential to Finance Development Goals by Vitor Gaspar, Mario Mansour and Charles Vellutini

Financial Regulation

Reflections on the 2023 Banking Turmoil by Pablo Hernández de Cos

Stick to the Core Principles by Neil Esho

Climate Issues and sustainable growth

Countries Must Contain Global Warming While Keeping Debt in Check by Era Dabla-Norris, Ruud de Mooij, Raphael Lam and Christine Richmond

Financing Climate Transition in Asia Pacific by Roberta Casali

The Contribution of Capital Flows to Sustainable Growth in Emerging Markets by Lesetja Kganyago

Global trade and rebalancing

Global Trade and External Rebalancing by Jack Chen

Working Paper

How Does the Volatility-Timing Strategy Perform in Mutual Funds Portfolios? by Yin Zhida, Jiang Jilin and Qian Zongxin

Exchange Rate Co-movements and Corporate Foreign Exchange Exposures: A Study on RMB by He Qing, Wang Wenqing and Yu Jishuang