What does the Banque de France do outside France?

In a world of deeply interconnected economies and financial markets, marked by rising trade tensions and shifting trade and production patterns, dialogue among financial authorities is more important than ever. These developments are being accompanied by far-reaching transformations, including the digitalisation and tokenisation of financial markets and the growing adoption of artificial intelligence across the economy.

Against this backdrop, the Banque de France’s foreign representative offices provide a strategic vantage point from which to monitor economic, monetary and financial developments in the Americas and the Asia-Pacific region. Through their close links with central banks, financial authorities and market participants, they strengthen the Banque de France’s ability to identify and analyse emerging trends, inform its policy work and deepen international cooperation.

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Where are the Banque de France’s foreign offices located?

The Banque de France has two offices, one in New York covering the Americas, and the other in Singapore, covering the Asia-Pacific region. 

In June 2024, it also had representatives in the economic departments of the French embassies in Athens, Brasilia, Mexico City, Nairobi, New Delhi, Beijing, Rabat, Tokyo and Warsaw.

What does the New York office do?

Located in the world’s leading financial centre, the New York office serves as the Banque de France’s window on the Americas. It provides first-hand insight into economic, monetary and financial developments across the region, with a particular focus on the United States. The office closely follows market developments, financial and technological innovation and broader macroeconomic trends. 

Established in 2010, the representative office maintains close ties with central banks, government administrations, financial institutions, market participants, think tanks and academia. It monitors economic and financial trends and shares its analyses with the Banque de France. 

The New York trading room, which has also been active since 2010, manages the Banque de France’s US and Canadian dollar reserves during North American trading hours. It works in close coordination with the Paris trading room and has its own on-site risk control function. 

The team is managed by the Chief Representative for the Americas, François Haas.

Contact : nyoffice@banque-france.fr. 

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What does the Singapore office do?

The Singapore office serves as the Banque de France’s strategic hub in the Asia-Pacific region, reflecting the growing importance of Asia in the global economy and international financial markets. It provides valuable insight into financial developments in the region. 

Opened in 2020 and officially inaugurated on 14 July 2022 by then Governor François Villeroy de Galhau, in the presence of the Managing Director of the Monetary Authority of Singapore, the office monitors Asian economies and financial systems. It pays particular attention to developments in green finance and the digitalisation of the financial sector. 

The Singapore trading room has operated since 2020 and manages part of the Banque de France’s Asian currency reserves during Asian market hours, in close coordination with Paris. It also provides investment services to official sector institutions in the region and has its own on-site risk control function. 

The team is managed by the Chief Representative for the Asia-Pacific, Stéphane Latouche.

Contact : singapore@banque-france.fr.

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Frequently asked questions on the Banque de France’s foreign offices

The Banque de France maintains trading rooms in New York and Singapore to ensure a continuous presence in global financial markets as trading activity moves from one time zone to another. The New York and Singapore offices operate during North American and Asian market hours, respectively, while the Paris trading room covers European trading hours. This enables the Banque de France to manage its foreign exchange reserves around the clock and to maintain close relationships with participants in international financial markets.

The Banque de France has a long-standing presence in New York, having first seconded a staff member to the Federal Reserve Bank of New York in 1927. Initially intended as a one-year training assignment, the posting was soon made permanent, giving the Banque de France a dedicated representative within New York’s banking and financial community. For many years, the Banque de France shared office space with the French Treasury’s economic department, outside the New York Fed. In 2010, it opened its own offices, combining representative functions with reserve management activities.

The Banque de France opened an office in Singapore in 2020, covering the Asia-Pacific region, to meet two main objectives: to deepen its ties with and understanding of a region that accounts for 60% of global growth, and to strengthen its presence in Asian financial markets, both for its reserve management activities and for market intelligence.

The New York and Singapore offices maintain close ties with a wide range of financial institutions across the Americas and the Asia-Pacific region, including central banks, commercial banks and asset managers. Through these networks, they gather insights into economic and market developments, which they then share with the Banque de France and the relevant Directorates General – notably Financial Stability and Operations, Statistics, Economics and International, Services to the Economy and Branch Network Activities, and the Prudential Supervision and Resolution Authority (ACPR).

Candidates need an excellent command of English (at least C1 level) and strong interpersonal skills to be able to follow current events and interviews, select relevant information from the large volume of documentation we receive, relay the Banque de France’s messages abroad and organise events and visits. 

A good understanding of the Banque de France and its missions is essential, as the representative office works closely with several directorates general. Candidates are expected to have at least four years of professional experience within and outside the Banque de France, enabling them to adapt quickly and contribute effectively from the outset. 

Previous experience in an international role or a strong interest in foreign cultures is also an asset. 

All vacancies are published on the Banque de France’s recruitment website.

Working closely with market and credit teams, the market operations controller is responsible for:

  1. Monitoring compliance with the market operations charter 
  2. Reporting on risk and performance 
  3. Conducting detailed analyses and developing tools and processes 

The controller may also be required to perform other duties, such as participating in seminars and conferences and producing analyses.

The New York and Singapore offices monitor developments in sustainable finance as part of the Banque de France's commitment to the climate transition. The Banque de France was among the founding institutions of the Network for Greening the Financial System (NGFS), which brings together central banks and supervisors from around the world committed to climate-related challenges and green finance. The Banque de France also hosts the NGFS secretariat.

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