Ngân hàng Dự trữ Liên bang New York: Sự sụt giảm dự trữ đô la không phải do bán tháo hệ thống

The Huoxing Finance report states that, on September 7, a recent study by the New York Fed found that although the U.S. dollar's share in global official foreign exchange reserves has declined from 64% to 56% over the past decade, this change does not indicate that central banks worldwide are systematically reducing their dollar assets. Researchers noted there is little evidence of widespread official diversification away from the dollar. The study shows that, across two distinct periods since 2015, the number of countries increasing and decreasing their dollar holdings was roughly equal. The decline in the dollar's reserve share has been primarily driven by concentrated portfolio rebalancing by a few large reserve managers, rather than broad-based global asset reallocation. Between 2015 and 2019, these changes were largely driven by two central banks; from 2019 to 2023, Mexico and Morocco also became significant factors. The New York Fed stated that most economies' foreign exchange reserve adjustments continue to serve conventional purposes such as meeting dollar liquidity needs, managing exchange rates, and responding to funding shocks, rather than actively avoiding the dollar. Additionally, IMF data shows that the U.S. dollar's reserve share fell to its lowest level since 1995 in January this year, largely due to passive depreciation of reserve assets caused by a weaker dollar exchange rate, rather than large-scale selling by central banks.