As explained in a recent IMF blog post, the U.S. dollar’s dominance has eroded from over 70% of global reserves in 2000, to the 59% reported in Q1 2024.

Despite the reduced role of the dollar over the last two decades, there has not been significant increases in the shares of other major currencies (euro, yen, and pound sterling).

Instead, nontraditional reserve currencies like the Australian dollar, Canadian dollar, Chinese renminbi, and South Korean won have grown in prevalence.

econ

> As explained in a recent IMF blog post, the U.S. dollar’s dominance has eroded from over 70% of global reserves in 2000, to the 59% reported in Q1 2024.

> Despite the reduced role of the dollar over the last two decades, there has not been significant increases in the shares of other major currencies (euro, yen, and pound sterling).

> Instead, nontraditional reserve currencies like the Australian dollar, Canadian dollar, Chinese renminbi, and South Korean won have grown in prevalence.