In addition to the continuous search by reserve managers of an adequate balance between risks and returns on their portfolios, this has also been influenced by the improved economic fundamentals and the resilience shown by several of these economies to the difficulties arising from a complicated and, at times, turbulent global environment. The case of the Chinese renminbi is of particular note.
If persistent, the fall in oil prices from their peak in July will help to reduce earlier losses in real disposable income. •  Domestic developments should also support the recovery. In a medium-term perspective, the fundamentals of the euro area are sound and the economy does not suffer from major imbalances.