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The dollar's share of global official FX reserves fell to 56% last year from 64% in 2015, an 8 percentage point decline, yet the drop is concentrated in China and Russia while most other central banks show little shift in allocation. That distinction weakens the structural de-dollarization trade that has underpinned part of the bid for gold and, at the margin, BTC as reserve-diversification hedges, since sanctions-driven reallocation is a narrow flow rather than a broad reserve-manager rotation out of USD and Treasuries. Watch the IMF COFER quarterly reserve composition data and official central bank gold purchases for confirmation of whether non-aligned reserve managers begin trimming dollar exposure, which would be the condition for a durable DXY downtrend and a stronger hard-asset bid.
As a Research signal, watch whether it changes price action, volatility, or flows around GC=F, BTC, KRW=X.
Original Source: 연합인포맥스
This page is market information analysis, not investment advice.
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