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Dollar's lead as a reserve currency eroded quickly last year
By Phil Rosen
Insider, New York
Monday, April 17, 2023
The dollar's standing as a reserve currency of choice saw a steep decline in 2022 even though its strength in international trade remains unchallenged, according to Eurizon SLJ Asset Management.
In a Monday note, strategists Joana Freire and Stephen Jen calculated that the greenback accounted for about two-thirds of total global reserves in 2003, then 55% by 2021, and 47% last year.
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"This 8% decline in one year is exceptional, equivalent to 10 times the average annual pace of erosion in the USD's market share in the prior years," the authors said.
The drop-off in the dollar's standing as a reserve currency accelerated since the start of the war in Ukraine in particular. ...
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