This feature argues that a combination of factors caused the surprising US dollar appreciation in the second half of 2008. Both the global flight to safety into US Treasury bills and the reversal of carry trades amidst the crisis were sources of dollar strength. In addition, the surge in dollar...

Understanding the global financial crisis and the stresses on bank balance sheets requires a perspective on banks’ international investment positions and how these positions were funded across currencies and counterparties. This special feature uses the BIS international banking statistics to...

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking...

Five articles in this special edition of the BIS Quarterly Review provide new insights about foreign exchange (FX) and over-the-counter derivatives markets by drawing on the data compiled in the 2022 BIS Triennial Central Bank Survey. In the FX space, an accelerating shift towards less "visible"...