EFTA Document EFTA01458971

8 December 2015 World Outlook 2016: Managing with less liquidity sovereign wealth funds this year. We expect these institutions will start investing in 2016. Some argue that the market expectation of RMB depreciation may jeopardize the inflows. We do not think this is the key constraint, as central banks hold Euro and Yen assets despite these currencies also facing depreciation expectations. In our minds, the key constraint is that the domestic market is not ready for foreign reserve mana