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'Stateless' currency gold gains favor over dollar and yuan
Central Banks Dump Dollars and Yuan in Favor of Gold
By Yohei Hirose
Nikkei, Tokyo
Saturday, August 10, 2024
TOKYO -- Central banks are diversifying away from the dollar and yuan while loading up their foreign exchange reserves with a "stateless currency," gold, in a nod to intensifying geopolitical tensions and global economic uncertainties.
The proportion of the U.S. currency in global foreign reserves has dropped significantly, from over 70% in the early 2000s. Currentl, the dollar's share of foreign reserves held by central banks and governments worldwide sits at a historic low. China's currency is also trending lower.
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Russia's invasion of Ukraine triggered strict U.S. sanctions locking Moscow out of the dollar-based global financial system and persuading emerging economies to accumulate gold, which is not tied to any specific country. The shift from currency holdings reflects global fragmentation.
Foreign exchange reserves are assets central banks hold to pay off foreign debts and cover import costs in times of emergency. They also fund currency interventions. Many of these reserves are typically held in dollar-denominated assets, often in easily convertible U.S. Treasurys. ...
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