This is not an exercise in diversifying away from the USD. The USD’s weight is reported to be almost completely unchanged at 42%, with all of the adjustment coming from the EUR, JPY & GBP.

However, even the old SDR weights are more generous to the EUR, JPY and GBP than data on official reserves. The USD dollar dominates at 64% of allocated reserves. RMB holdings are hidden within the 3% that is allocated to “other currencies”. Whatever the headlines about the rise of alternative reserve currencies, the USD remains easily the world’s favourite store of value.