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Last week, the The IMF released the latest Currency Composition of Ofﬁcial Foreign Exchange Reserves (COFER) report for Q4 2020.
It showed that the trend of global dedollarization has accelerated and while the Dollar’s share of global reserves initially increased at the start of the pandemic, it has since decreased sharply and now stands at just 59% - a 1.5% decline for the quarter and the lowest level since 1995. According to Goldman, a fair bit of the decline over the last few quarters was due to valuation effects as the Dollar depreciated, but the decline in Q4 can be largely attributed to active selling as well. The Euro, Yen and Renminbi were the main beneﬁciaries of this dollar dump, while the uptick in Sterling’s share appears to be mostly due to the currency’s appreciation.
While the Dollar’s share in allocated reserves has fallen markedly, the Euro’s share has enjoyed a modest rebound and last quarter moved decisively out of the range where it has been stuck for the past few years...
To read more visit Zero Hedge.
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You see liberal kiddies once the US is no longer the world's reserve currency your dip stick treasuries are now worthless. In other words no more magical printing press for the US Dollar. Then watch the welfare and entitlement society that you built for yourself fall apart.
Our manufacturing is being cut again. China makes everything and we make nothing. And don't forget US oil production is now being shut down. Its obvious Bidens policies are designed to bring the USA to the grave. You wanted a show for the elections you got it. But this show has only just begun it's called crash and burn.