Research
The dollar remains structurally dominant — commanding ~58% of global reserves, ~90% of FX transactions, and ~40% of trade invoicing — but central banks are actively diversifying away from it, with gold (not the euro or renminbi) now the second-largest reserve asset globally, and the renminbi stuck below 3% across nearly every usage metric despite China's economic weight. The core dispute is not whether diversification is happening but what it means: market-oriented analysts (Eichengreen, Rogoff, BIS) read the data as marginal hedging with no credible replacement in sight, while structural and non-Western scholars frame the same trends as early-stage sovereignty infrastructure — parallel payment systems, bilateral swap lines, local-currency invoicing — that could meaningfully erode U.S. financial leverage without requiring full dollar replacement. A critical but underappreciated finding cuts across both camps: the dollar's role in pricing and invoicing transmits U.S. monetary conditions globally through channels invisible to reserve-share statistics, meaning even a world where central banks hold fewer dollars could remain deeply dollar-dependent in practice.
The latest IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey results show that total foreign exchange reserves increased to $13.0 ...
by C Bertaut · 2025 · Cited by 33 — U.S. dollar comprised 58 percent of disclosed global official foreign reserves in 2024 and far surpassed. The dollar share has declined from ...
The updated and expanded data suggest that the US dollar and the euro continued to account for the lion's share of global trade invoicing up to ...
Overall, RMB payments increased by 2.57% compared to May 2025, whilst in general all payments currencies increased by 2.85%. In terms of ...
Petrodollars are U.S. dollars received by oil-exporting countries in exchange for crude oil exports. The U.S. dollar's global acceptance as a currency for ...
While a common currency has never reached the implementation stage, the threat of a U.S. “counterattack” has successfully deterred BRICS members ...
by SK Pradhan · 2026 — We investigate how the US dollar's prominence in the denomination of international debt. We examine the role of the dollar in IDS issuance ...
by G Gopinath · 2020 · Cited by 980 — We propose a dominant currency paradigm with three key features: dominant currency pricing, pricing complementarities, and imported inputs in production.
the US dollar remains first among equals (Bluestein 2025, Rogoff 2025, Eichengreen 2026). US dollar share of reserves fell below 57% in 2025 Q3 ...
Turnover of FX swaps grew modestly, resulting in a drop in their share to 42% (from 51% in 2022). the euro fell to 28.9% (from 30.6%)
Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's ...
The Dollar Dominance Monitor analyzes the strength of the dollar relative to other major currencies across the world. Learn more.
This Briefing Paper will examine Russia's de-dollarization strategy since 2014 and analyze the role of Asia on the level of international reserves and trade ...
a record 43% of central banks indicated plans to increase their own gold holdings, up from 29% in 2024, with none anticipating a reduction.
by MD Chinn · 2024 · Cited by 37 — But the theory of international currencies was based on network externalities: everyone uses the dollar because everybody else uses the dollar.
Speculation about a Brics currency has swirled in the past few years as the push towards dedollarisation continues.
Chinese renminbi (RMB) to be included in SDR basket as fifth currency starting October 1. Renminbi's inclusion reflects the progress made in ...
However, post-2022, the 60/20/20 portfolios that incorporated alternative safe-haven assets broadly outperformed those relying solely on long- term Treasuries.
Sign up to read the full research briefing
Sign up