A currency does three separate things. In 2026 they started moving in opposite directions at once — and the job everyone watches is the one that matters least. In the first quarter of 2026, three measurements of the dollar's standing pointed three different ways in the same window. Its share of the world's official foreign-exchange … Continue reading Currency: Three Jobs, One Word
Tag: monetary policy
The Stealth Erosion of Dollar Dominance
"We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and interest rates, of reserve accumulation by a small handful of central banks with large and distinctive … Continue reading The Stealth Erosion of Dollar Dominance
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