Why is the dollar’s share of global foreign exchange reserves declining and which currencies have benefited?

T he dollar’s share of global foreign exchange reserves has fallen from 65.6% in 2015 to 61.8% today . This has come as a result of causes both political (dollar sales by some central banks) and economic (concern about US public and external debt). The decline in the dollar’s share of foreign exchange reserves: Does not threaten the financing of the United States’ deficits for the time being, since it is offset by purchases of dollar-denominated assets by private investors; Benefits currencies whose share of global foreign exchange reserves has risen : the Japanese yen, the Chinese renminbi; Has h ardly benefit ed the euro and has not benefit ed pound sterling or the Swiss franc at all.