US dollar maintains global reserve currency status despite decrease in share in forex reserves and rise of nontraditional currencies.
Dollar doomsters have been incorrectly predicting the demise of the US dollar's status as the global reserve currency. Despite recent trends indicating a decline in the dollar's share in global forex reserves, the US dollar's strength persists, and private investors have continued to invest in dollar-denominated assets. Additionally, the IMF's COFER data reveals that the reduced role of the US dollar over the last two decades has not been matched by increases in the shares of the other "big four" currencies - the euro, yen, and pound. Instead, there has been an increase in the share of nontraditional reserve currencies.
June 13, 2024
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