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The dollar's reserve share has declined measurably from ~71% (1999) to ~58% (2023), but this erosion has flowed primarily into minor nontraditional currencies rather than the euro, yuan, or other credible rivals, and IMF statistical tests find no acceleration even after the 2022 Russia sanctions — directly contradicting the dominant media narrative of a sanctions-triggered tipping point. The central tension is whether this represents slow, manageable diversification within an enduring dollar order, or the early infrastructure-building phase of a more discontinuous shift, with non-Western institutions pointing to parallel payment rails (CIPS, mBridge), record central bank gold purchases (1,136 tonnes in 2023), and commodity de-dollarization as structural signals that headline reserve-share data systematically understate. The briefing is worth reading in full if you need to distinguish what is empirically settled from what is genuinely contested — particularly on China's "fake de-dollarization," the invisibility of payment infrastructure in most public analysis, and the unresolved debate over whether dollar dominance is market-earned or coercion-sustained.
The latest IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey results show that total foreign exchange reserves increased to $13.0 ...
The BIS Triennial Survey captures turnover in foreign exchange spot markets, as well as foreign exchange and interest rate OTC derivatives markets. Other risk ...
RMB tracker September 2025 - Slides EN. Monthly reporting and statistics on renminbi (RMB) progress towards becoming an international currency. Download.
Trade (% of GDP) - United States. Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files.
The Final Report on U.S. Portfolio Holdings of Foreign Securities at Year-end 2024 is available from the SHC reports webpage
De-dollarization entails a significant reduction in the use of dollars in world trade and financial transactions, decreasing national, institutional and ...
In our 2022 paper, we identified 46 “active diversifiers,” share of foreign exchange reserves at least three more countries have joined this ...
BRICS cooperation mechanism in 2024, the likelihood of a BRICS currency has further increased.
The US dollar dominates globally, while the euro, yen and pound sterling have a smaller international footprint. The reach of key currencies becomes apparent.
The euro became the leading currency in the green and sustainable international bond market. Foreign portfolio inflows to the euro area were ...
The preeminent role of the US dollar in the global economy has been supported by the size and strength of the US economy, its stability and openness to trade ...
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China didn't truly de-dollarize—it just shifted its dollar holdings from official reserves at SAFE to less transparent state entities like banks ...
Should we prepare for the end of the King Dollar? A Conversation with Barry Eichengreen. Shahin Vallée,. Senior research fellow in DGAP's Center ...
For the past decades the USD dollar has been the dominant currency and the centerpiece of financial globalization. ... Zoltan Pozsar (Credit Suisse) Adam Tooze ( ...
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