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Measuring One Aspect of BRICS De-Dollarization: FX Reserves
Interesting recent article from the Carnegie Endowment, entitled “The Difficult Realities of the BRICS’ Dedollarization Efforts—and the Renminbi’s Role”, by Robert Greene. The article covers a lot of dimensions of de-dollarization, and the nature of international currencies. De-dollarization could involve increased local currency use, but I’ll focus on relying on alternative foreign currencies. In this context, this table is useful. table Source: Cohen (1971). Here are some pictures of key reserve currencies held by the BRICS. chart Figure 1: Share of foreign exchange holdings in USD, by central bank. ... (full story)