Follow the Money

Brad Setser tracks cross-border flows, with a bit of macroeconomics thrown in.

Latest Post

China Bought Foreign Exchange in September (Just Not Very Much)

China, it seems, is now a buyer not a seller in the foreign exchange market. There is no need to get carried away though: China looks to have—per the foreign exchange settlement data, and the change in the PBOC’s balance sheet—bought about a billion dollars in September.  That’s nothing for an economy of China’s size. Read More

October 17, 2017

Bitcoin and the Yuan Bitcoin and the Yuan

This is a guest post by Cole Frank, a research associate at the Council on Foreign Relations.

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October 11, 2017

Three Items of Note Three Items of Note

Often one of the best ways to get noticed is to highlight something a bit surprising. A data point that doesn’t match expectations for example. Puerto Rico’s large trade surplus for example, which, really is “fake” news: it is rather obviously a function of transfer pricing that helps pharmaceutical firms shift profits offshore, where they can be indefinitely tax-deferred.

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October 10, 2017

Puerto Rico
What Puerto Rico Tells Us About Global Trade What Puerto Rico Tells Us About Global Trade

Trade in tax often trumps trade in tasks.

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