intervention currency in the world. The dollar became such an important currency after the shift from the British pound which …, during the gold standard, was the world's reserve currency until the first decades of the XX century. The dollar retained its …For nearly a century the US dollar has been unchallenged as the sole and later the most important reserve and …

The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken … as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not … stem from a systematic shift in currency preferences away from holding dollar assets. Instead, a small group of countries …

Official holdings of US dollar reserves are partly invested outside the United States. These offshore investments do … not strictly speaking finance the US current account, but do support the US dollar. Offshore holdings grow fast when …

in a broader sense encompassing trade and finance only at the end of World War I. And since the dollar overtook sterling …Against the backdrop of the recent financial crisis and the ongoing rapid changes in the world economy, the fate of the … dollar as the premier international reserve currency is under scrutiny. This paper attempts to answer whether the Chinese …

a new regime was introduced for setting the fix - the midpoint of the CNY's daily trading range against the U.S. dollar … dollar cross rates. While highly predictable, the fix is shown to have uneven predictive power for the subsequent evolution … volatility. On days of broad dollar strengthening, the CNY is found to depreciate against the dollar but appreciate against the …

The U.S. dollar exchange rate clears the global market for dollar-denominated safe assets. We find that shifts in the … demand and supply of safe dollar assets are important drivers of variation in the dollar exchange rate, bond yields, and … dollar assets causes the dollar to appreciate, and incentivizes foreign debtors to tilt their issuance towards dollar …

markets, was evident in a number of countries. Notably, however, China’s dollar liquidity needs received little attention …The need for US dollar funding during the financial stresses in mid-March 2020, as the COVID pandemic news shocked …. Given China’s deepening economic and financial linkages to the United States and rest of the world, financial instability …

We document a decline in the dollar share of international reserves since the turn of the century. This decline …, or of changes in coverage of surveys of reserve composition. Strikingly, the decline in the dollar’s share has not been … that, along with the dollar, have historically comprised the IMF’s Special Drawing Rights. Rather, the shift out of dollars …