Trade in other currencies will reduce USD reserves share, say managers

Over 72% of respondents believe efforts to denominate trade in other currencies will have long-term effect

A majority of reserve managers think ongoing efforts to carry out trade in currencies other than the dollar will reduce the share of reserves denominated in the US currency.

Data from the Reserve Benchmarks 2023 finds that out of 54 respondents, 39 (72.2%) think attempts to divert trade away from the US currency will have a meaningful impact over the long term.

In fact, 31 (57.4%) believe the dollar’s role in global portfolios will decline due to this factor. Central banks in this group are

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