The rise of non-SDR currency reserves

New Cofer data release may show an overall fall in FX reserves, writes Gary Smith


The International Monetary Fund’s currency composition of official foreign exchange reserve (Cofer) data for the third quarter will be released at the end of this month. There is an expectation it will reveal a further substantial decline in the value of global foreign exchange reserve assets.

The run-down of holdings associated with FX interventions will form part of the explanation, but negative currency valuation effects (as non-dollar holdings are converted to a US dollar value) and weaker

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