Currency Management by International Fixed Income Mutual Funds

We thank George Aragon, Yiming Ma, Matteo Maggiori, Lasse Pedersen, Dave Plecha, Savina Rizova, Nathan Sosner, Matti Suominen, Hong Zhang, conference participants at the 2021 China International Conference of Finance, the 2021 Virtual Asset Management Seminar, the 2021 Western Finance Association, and the 2021 World Symposium on Investment Research, and seminar participants at the BI Norwegian Business School, Copenhagen Business School, the Federal Reserve Board, the Shanghai Advanced Institute of Finance, the University of Mannheim, the Nanyang Technological University, and the University of Texas at Austin for helpful comments. Wei Li provided excellent research assistance. Clemens Sialm is an independent contractor at AQR Capital Management. Qifei Zhu acknowledges the financial support of the Ministry of Education, Singapore, under its Academic Research Fund 2019-T1-001-108. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.