Central banks walk the 'not buying dollar' walk
The IMF Composition of Official Foreign Exchange Reserves (Cofer) data suggests central banks are doing more than talking about reducing the concentration of US dollars in their reserve portfolios. They are acting on their statements. Let us review what is significant in the recent second-quarter IMF Cofer release:
• Q2 2009 was the only time central banks have accumulated more than $100 billion of reserves in a quarter, and the dollar's share of this accumulation has been less than 40%. This is
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