Market News
Exclusive: Central banks eye gold, euro and yuan as dollar dominance wanes - REUTERS
- Gold seen as biggest winner from dollar diversification
- Euro seen top currency to benefit in short term - OMFIF survey
- Yuan favoured by central bankers over a longer time frame
- Reuters' sources see euro recovering some lost ground quickly
- Euro share of reserves likely to rise in next few years - Rogoff
LONDON, June 24 (Reuters) - The custodians of trillions of dollars of global central bank reserves are eyeing a move away from the greenback into gold, the euro and China's yuan as the splintering of world trade and geopolitical upheaval spark a rethink of financial flows.
According to a report, by the Official Monetary and Financial Institutions Forum (OMFIF) due to be published later on Tuesday, one in three central banks managing a combined $5 trillion plan to increase exposure to gold over the next one-to-two years after stripping out those planning to decrease, the highest in at least five years.
The survey of 75 central banks -- carried out between March and May -- gives a first snapshot of the repercussions of U.S. President Donald Trump's April 2 Liberation Day tariffs that sparked market turmoil