Emerging market countries have now joined Middle East oil exporters in channelling foreign exchange reserves into state-directed investment funds. The US Treasury estimates these funds have assets of $1.5 trillion to $2.5 trillion. Sovereigns now hold foreign assets worth $7.6 trillion, or 15 per cent of global GDP. Developed country politicians and policymakers warn that the rise of these opaque, unregulated and government-directed funds could destabilize markets and fuel financial...
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