Dollar still top currency for central banks

The BIS report, made public on June 30, revealed that total dollar holdings constituted 73% of reserves held by the world’s central banks in 2002. Accumulation of dollar reserves were at their highest for six years, while non-dollar reserves were at their lowest levels for the past three.

“Even though the markets have been believing that central banks are rebalancing reserves away from dollars and more towards euros, that hasn’t been the case,” David Mann, FX strategist at Standard Chartered

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