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Currency ties key to dollar reserve hegemony, BIS study says
By Patrick Graham
Reuters
Sunday, December 7, 2014
LONDON -- Changes in the size of a loosely defined global "dollar zone" could lead to faster than expected shifts in the composition of world currency reserves, potentially eroding the role of the U.S. unit, said a study published on Sunday.
The study, part of a quarterly review by the Bank for International Settlements --
http://www.bis.org/publ/qtrpdf/r_qt1412e.htm
-- argues the dollar's domination of reserves stems chiefly from the extent to which many currencies are tied either formally or through trade links like a dependence on oil or other dollar-priced commodities.
As a result, while the dollar's overall value has declined by 18 percent since the 1970s against major currencies, and by more than half against the euro and yen, its share of reserves has fallen just 5 percentage points from 66 percent to 61 percent. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/12/07/banks-bis-currencies-idUSL6N0T...
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