BIS Review 124/2009  3  In terms of financial stability, what we have witnessed over the past two years has been an increasingly complex set of interrelationships among credit, market, and funding risks.
6 5 4 3 2 1 0 -1 -2 -3 -4 -5 -6 -7  11.4  11.2  11  10.6  10  10.4  10.9 9.9  10.0  10.2  10.0  9 8  9.5 8.2  7 6  8.4 8.4  7.8  8.3  7.7 6.7  6.5  6.6 5.9  5  5.1  4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 July 2018 NBS foreign exchange reserves, gross NBS foreign exchange reserves, net  Source: NBS.