Reserve Currency Composition
Definition
The breakdown of global foreign exchange reserves held by central banks by currency denomination, as reported quarterly by the International Monetary Fund through its Currency Composition of Official Foreign Exchange Reserves (COFER) database. The composition tracks USD, EUR, JPY, GBP, CNY, gold, and SDR allocations across ~149 reporting countries.
Why It Matters
COFER data is the most authoritative measure of de-dollarization because it captures actual central bank behaviour rather than stated intentions. The 15pp decline in USD share since 2001 has been partially replaced by EUR, gold, and — most recently — CNY. The pace of this shift determines the timeline for meaningful USD structural vulnerability.
Related Metrics & Intelligence
Related Concepts
De-Dollarization
The structural macro trend where nations — especially BRICS+ members — deliberately reduce their reliance on the US Dollar as a reserve currency, oil pricing medium, and trade settlement currency. Tracked via IMF COFER data (USD share of allocated reserves), bilateral local currency trade agreements, central bank gold purchases, and the emergence of alternative settlement networks (mBridge, Afrexim-based systems).MoSPI (Ministry of Statistics and Programme Implementation)
India's apex statistical authority responsible for compiling and releasing National Accounts Statistics (GDP), Consumer Price Index (CPI), Index of Industrial Production (IIP), and National Sample Survey data. MoSPI's advance GDP estimate is the highest-profile Indian data release and the primary input for India macro regime classification.mBridge (Multi-CBDC Bridge)
A multi-central bank digital currency (CBDC) platform developed by the BIS Innovation Hub in collaboration with the PBoC, HKMA, Bank of Thailand, and UAE Central Bank. Designed as a structural alternative to SWIFT for cross-border settlement in local currencies. mBridge transactions settle in real-time on a distributed ledger, bypassing dollar correspondent banking entirely.Track Reserve Currency Composition live
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