The dollars share of global reserves has fallen, but a New York Fed study says the decline is concentrated among a few countries. Reserve shifts largely reflect individual needs, challenging claims of broad global dollar diversification.

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

The dollars share of global reserves has fallen, but a New York Fed study says the decline is concentrated among a few countries. Reserve shifts largely reflect individual needs,…