Euro-denominated FX reserves rise again
Emerging market (EM) central banks hold $7.5 trillion of foreign exchange reserves collectively, almost twice as much as developed nations. They also tend to change their allocation patterns every couple of years. These changes can have a sizable impact on FX markets.
In the first few years of the existence of the eurozone, for example, EM central banks simply kept their holdings of eurozone legacy currencies converted into euros. In 2002, immediately after the introduction of notes and coins
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