@dismaleconomist I wondered about this. How does unctad arrive at its figures?

india sold c. $40bn in reserve to stabilize rupee this year. @UNCTAD claims $380bn spent in total by EMDE. ft.com/content/1f1396… On the broader picture check

The credit impulse data for G5 from @MacroAlf are striking. twitter.com/MacroAlf/statu… Pair well with worries about global monetary crunch discussed in Chartbook Newsletter #158 adamtooze.substack.com/p/chartbook-15…