Reading the reserve currency figures

The IMF's COFER survey shows which currencies central banks hold. The dollar's share has drifted down from about 71% in 2000 to under 57%, while the euro and a group of smaller currencies have gained.

Shares also move with exchange rates. If the dollar weakens, the euro value of a central bank's euro holdings rises in dollar terms, lowering the dollar's share even if nothing was sold.

COFER only covers reserves whose currency is reported, and it does not name individual countries.

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