Federal Reserve Bank of New York research shows the dollar's declining reserve share is driven by a few large holders, not a broad global
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FOX 52 / Wikimedia Commons (Public domain)
The dollar's share of global reserves fell from 64% to 56% over a decade, but most central banks haven't actually changed their minds about the greenback.
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The de-dollarization narrative has become one of the most popular themes in global macro circles over the past few years. But new research from the Federal Reserve Bank of New York suggests the scoreboard might be misleading.
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