# Global U.S. dollar reserve trends

> Live situation record from CLSTR: https://clstr.news/situations/global-us-dollar-reserve-trends
> Updated: 2026-09-18T09:45:57.000Z. Sources: 4. Developments: 2.

Research into global foreign exchange reserves indicates that the decline in the U.S. dollar’s share of global reserves is not a universal trend, but is instead driven by specific large reserve managers such as China, Russia, Mexico, and Morocco. A Federal Reserve Bank of New York study noted that while the dollar’s share fell from 64% in 2015 to 56% in 2025, the ‘active preferences channel’ showed a slight positive contribution of 0.3 percentage points toward dollar holdings among many examined countries.

Subsequent analysis suggests this shift may represent ‘de-reservification’ rather than true de-dollarization, as the dollar’s share in reserves has remained relatively stable, moving from 56.5% to 57%. This process is characterized by changes in how assets are held, with state-owned banks and pension funds in countries like China, Japan, and South Korea managing foreign assets that increasingly rival or exceed the holdings of their respective central banks.

## Timeline

### 2026-09-18: Global monetary trends show de-reservification over de-dollarization

Global economic trends show a shift toward de-reservification rather than de-dollarization, as major public funds in Asia hold massive foreign assets. Meanwhile, the Fed has raised interest rates.

2 sources. https://clstr.news/cluster/global-monetary-trends-show-de-reservification-over-de-dollarization

### 2026-09-06: Federal Reserve Bank of New York study on dollar reserve decline

A New York Fed study finds the decline in U.S. dollar reserves is driven by a few specific countries, including China and Russia, rather than a widespread global retreat from the currency.

2 sources. https://clstr.news/cluster/federal-reserve-bank-of-new-york-study-on-dollar-reserve-decline

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Cite as: Global U.S. dollar reserve trends. CLSTR, https://clstr.news/situations/global-us-dollar-reserve-trends