SUERF Policy Brief

Demand for Dollars

We study the determinants of US dollar demand across market participants and traded instruments using survey-based exchange rate and macroeconomic expectations. To empirically establish the relevance of survey-based expectations for currency flows, we leverage granular foreign exchange trading data and present three ma...

Are Central Banks Moving Out of Dollar Assets?

The dollar’s share of global official foreign exchange reserves fell from 64 percent in 2015 to 56 percent in 2025. This downward trajectory is sometimes read as evidence that the dollar’s role in international financial markets is eroding. However, aggregate statistics obscure the composition of changes occurring at t...

Working Paper Series

SUERF Policy Brief

SUERF Policy Brief

Invoicing Currency and Exchange Rate Transmission in Korea’s Export †