01 Aug '11, 11pm

#IMF : US dollar's share of global foreign exchange reserves has fallen to 60pc from 70pc a decade ago

SINGAPORE: According to the IMF, the US dollar's share of global foreign exchange reserves has fallen to 60 per cent from 70 per cent a decade ago. While traditional alternatives to the US dollar have been the Euro, the Japanese Yen and the Swiss Franc, triple-A rated currencies with commodity exposures like the Australian and New Zealand dollars, appear to be gaining ground. Foreign exchange reserves are kept by countries in order to facilitate trade with each other. The declining proportion of the US dollar sends a signal that countries are less confident of the stability and value of the currency, due to its long-term budget deficit. Analysts estimate that these commodity currencies account for five per cent of global currency reserves today, up fivefold from a decade ago. As countries store more of their wealth in other currencies, the world could see fewer trades sett...

Full article: http://www.channelnewsasia.com/stories/economicnews/view/...

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