Dollar’s Share of Global Reserves Sinks to Lowest Since 1995
- Greenback’s share slips to 59%; euro’s rises to 21.2%
- World heading to ‘multiple reserve currency’ framework: CIBC
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The dollar’s share of global currency reserves dropped in the fourth quarter to around 59%, the lowest in 25 years, according to International Monetary Fund data.
The slide came in a quarter when a gauge of the greenback fell the most since 2010, and amid questions about how long the dollar can maintain its status as the pre-eminent reserve currency. The Chinese renminbi is transforming into a force to be reckoned with in currency markets, with more yuan changing hands than ever before in London, the world’s leading foreign-exchange center.