For example, when currencies of emerging market economies started to slide after the Chinese stock market crashed in the middle of 2015, market participants talked of emerging market reserve managers, aware of the potential need to defend their currencies, refraining from offering dollars in the fixed-term FX swap market and shifting their dollars into more liquid markets such as U.S. Treasury Bills.13 Similar observations were heard when currencies of emerging market economies weakened following the U.S. presidential election in November 2016.
*  *  *  Distinguished guests, ladies and gentlemen, I am thankful to Shri Kamlesh Vikamsey for inviting me to this august gathering.