US dollar
2025: The year in central banking
A look back at the biggest and most popular stories of the year
Richard Doornbosch on central banking in a tempestuous climate
The president of the Central Bank of Curaçao and Sint Maarten speaks to Christopher Jeffery about addressing legacy financial scandals, transition to a Caribbean guilder, tapping gold holdings and managing a currency peg at a time of US policy uncertainty
Is this the end of dollar dominance?
Steve Kamin tracks evolving investor attitudes to the US in the wake of 'Liberation Day'
US policies could create challenges for MAS – Amro report
Singaporean central bank confident risks from possible capital inflows can be managed with existing tools
BIS probes ‘exceptional’ FX activity around April shock
Triennial survey would likely have shown less dramatic shift without tariffs, economists find
Argentina and the fear of floating
Economists believe the country’s authorities must fully liberalise the peso before it is too late
Reserve managers in Americas aim to be ‘more daring’
Central Banking Autumn Meetings: managers look to diversify assets, jurisdictions, currencies and counterparties
Experts see Japan’s PM having limited impact on BoJ independence
Takaichi’s hints on policy direction have precedent in Abenomics, former bank officials say
De-dollarisation is neither myth nor the whole story – panel
Reserve managers tell Autumn Meetings they are unconvinced by stablecoins
Dollar remains king for now, says Tombini
BIS Americas chief tells Central Banking Autumn Meetings of lessons from events of past year
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
Taiwan commits to greater FX transparency after talks with US
Central bank rejects claim that domestic currency has been persistently undervalued
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
Inflation targeters mainly use corridor systems to set interest rates
But many central banks with exchange rate controls also use corridor systems
NBER paper maps out international financial network
Rey and Stavrakeva show equities markets play crucial transmission role
PBoC’s language suggests policy shift on yuan – China economist
Central bank drops ‘cautious’ from pronouncements on currency’s internationalisation
Economists divided on impact of yuan internationalisation efforts
Experts offer mixed views on measures including renminbi bonds, repos and HKMA facilities
BIS article notes changing effects of dollar weakness on EMEs
Investment channel likely to become more important countervailing force, authors say
Reserve Benchmarks 2025 – model banks analysis
Data breakdowns shed further light on asset allocations, staffing and strategy
The SDR as an alternative to the dollar
The weaponisation of the dollar by US authorities represents an opportunity to reconfigure usage of the SDR, argues Warren Coats
Reserve Benchmarks 2025 – executive summary
Data reveals how central banks are responding to tariffs – or choosing not to