They say a picture is worth a thousand words. Here’s the latest picture, derived from the IMF’s Currency Composition of Official Foreign Exchange Reserves database.The dollar was supposed to be doomed by the might of a single European currency, but the developing world’s central bankers are backing away. They have shed €45 billion from their holdings […]

Guess who else has shale oil? The FT has the answer: Leonid Fedun, vice-president of Lukoil, said Russia, the world’s second-largest oil producer after Saudi Arabia, will be able to maintain crude output of 10m barrels a day for years to come as output from western Siberia’s Bazhenov Shale offsets declines in the country’s mature oilfields.It’s likely that Russian […]