A New York Fed study finds the decline in the dollar's share of official FX
reserves actions by a minority of reserve managers rather reflect
widespread reallocation. The dollar accounted for 56% of official reserves last
year versus 64% a decade earlier; researchers Linda S. Goldberg and Sneha
Parthasarathy say since 2015 the number of countries increasing and decreasing
dollar holdings has been roughly balanced. "There is little evidence of broad
official diversification away from the dollar," they wrote.
