Dollar holdings as a proportion of global reserves fell to 64% in 2008, down from a peak of 71.5% in 2001, the International Monetary Fund revealed.

The Fund noted in its latest Annual Report that the decline was particularly steep in emerging and developing economies, which cut their holdings to 59.8% from 61.3% at the end of 2007. China, the guardian of the world's biggest reserves stockpile, has said that it is looking to diversify its holdings out of dollars.

The share of dollars held in