| NEW YORK, July 2
NEW YORK, July 2 The U.S. dollar remained the
currency of choice among global central banks in the first
quarter with a share of more than 60 percent of the total
reserves, according to data from the International Monetary Fund
released earlier this week.
The dollar share of IMF reserves totaled $3.763 trillion, or
60.9 percent of the total allocated reserves, little changed
from the last quarter of 2013.
Global total foreign exchange holdings rose to a record
$11.864 trillion in the first quarter from $11.685 trillion at
the end of last year.
Global reserves are assets of central banks held in
different currencies primarily used to back their liabilities.
Central banks have sometimes cooperated in buying and selling
official international reserves to influence exchange rates.
The euro's share of reserves was steady at 24.4 percent,
totaling $1.523 trillion, though lower than the 2009 peak of 28
The yen's share edged higher to 3.9 percent in the first
quarter from 3.8 percent in the previous quarter.
The IMF also broke out central bank holdings in the
Australian and Canadian dollars, which were previously
classified under "Other Currencies."
Central banks held US$107.2 billion in the Australian
currency globally as of the first quarter, up from US$103.4
billion in the fourth quarter of 2013.
They held US$117.4 billion in Canadian dollars, up from
US$$114.4 billion previously.
The Australian and Canadian dollars have been in demand
since the global financial crisis as relative safe havens. The
Aussie in particular was highly desired given its yield.
The move by the IMF earlier this year to disclose holdings
in the Australian and Canadian dollars is part of a wider review
to provide more transparency in global financial data. It is
also a reflection of a growing trend by central banks around the
world to diversify their holdings beyond the U.S. dollar, the
euro and the yen.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith