IMF blog highlights rise of ‘non-traditional’ reserve currencies

The Australian dollar is gaining traction as a reserve currency

“Non-traditional” reserve currencies are accounting for the majority of a recent decline in the US dollar’s share of foreign exchange reserves, research by the International Monetary Fund finds.

Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell highlight in a blogpost how the dollar’s share of FX reserves dipped below 59% in the fourth quarter of 2021, down from around 70% two decades ago.

At the same time, “traditional” reserve currencies – the euro, sterling and yen – have remained

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