Reserve managers shun the euro

Latest Cofer report highlights flight from euro as reserve currency

Photp of a broken euro coin

Reserve managers reduced their euro holdings by more than $120 billion in the third quarter of 2014, according to the International Monetary Fund's (IMF) latest quarterly Currency Composition of Official FX Reserves (Cofer) report, as the spectre of negative interest rates and further monetary easing in the eurozone weighed on the currency's prospects.

The euro's share of reserves dropped to $1.39 trillion from $1.52 trillion between the second and third quarters of 2014, representing the

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