Despite whatever verbal signs of support central banks may be giving the dollar, they’re in fact fleeing it.
In the second quarter of 2009, central banks put 63% of their new reserves in euros and yen. This is a huge change from past amounts.
Bloomberg: The dollar’s 37 per cent share of new reserves fell from about a 63 per cent average since 1999. Englander concluded in a report that the trend “accelerated” in the third quarter. He said in an interview that “for the next couple of months, the forces are still in place” for continued diversification.
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