The U.S. Dollar Still Dominates Global Reserves.

• Author: Richter, Felix

Byline: Felix Richter

While there is officially no such thing as a world currency, the U.S. dollar still is the closest thing to being just that. It may no longer be as important as during the Bretton Woods system, when most currencies were pegged against the dollar, but to this day the U.S. dollar remains the world's de facto reserve currency.

According to COFER (Currency Composition of Official Foreign Exchange Reserves) data disclosed on a quarterly basis by the International Monetary Fund, the U.S. dollar accounted for 61.8 percent of the $10.9 trillion in allocated foreign exchange reserves (i.e. reported under COFER, 94 percent of total foreign exchange reserves) in the first quarter of 2019. While that's down from around 70 percent at the turn of the century and...