The unwinding carry trade that reverberated through financial markets in early August was part of a wider process of deleveraging in the face of longer-term forces, the Bank for International Settlements says in its latest quarterly review.
The review, published on September 16, sheds further light on the global volatility that struck on August 5. Much of the analysis of that episode has focused on the unwinding carry trade, particularly where it was financed in yen. However, the BIS argues wider
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