Same as it ever was.
Dollar allocation in foreign reserves unchallenged, underpinned by central bank swaps.
No doughnuts today. Instead, a critique of a recent paper1 from the IMF whose conclusion was unambiguous; the dollar was losing its status as the dominant reserve currency. ‘The share of reserves held in U.S. dollars by central banks dropped by 12 percentage points since the turn of the century, from 71 percent in 1999 to 59 percent in 2021.’ That sounds…
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