The World’s Top Reserve Currencies in 2024
As of Q1 2024, nearly 60% of the world's $11.5 trillion in foreign exchange reserves are held in U.S. dollars, maintaining its status as the primary reserve currency.
Data:
- U.S. Dollar: $6.77 trillion (59%)
- Euro: $2.26 trillion (20%)
- Japanese Yen: $654 billion (6%)
- Pound Sterling: $562 billion (5%)
- Canadian Dollar: $295 billion (3%)
- Australian Dollar: $248 billion (2%)
- Chinese Renminbi: $247 billion (2%)
- Other: $460 billion (4%)
Major Insights:
- The U.S. dollar's dominance has declined from over 70% in 2000 to 59% in 2024.
- The euro remains a distant second, with limited changes in the shares of other major currencies.
- Nontraditional currencies, including the Australian dollar and Chinese renminbi, are gaining traction, providing diversification and competitive yields.
The Renminbi's Influence:
Research indicates that 25% of the shift away from the U.S. dollar is linked to the increasing prominence of the renminbi, particularly from countries like Russia and Brazil.
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