The International Monetary Fund has pointed to an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments across the globe. However, strikingly, the IMF shows the reduced role of the US dollar over the last two decades has not been matched by increases in the shares of the other “big four” currencies—the Euro, Yen, and Pound. Rather, it has been accompanied by a rise in the share of what by non-traditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singaporean dollar, and the Nordic currencies, according to recent…
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