The International Role of the U.S. Dollar – 2025 Edition
Bibliographic record
Abstract
A key function of a currency is as a store of value which can be saved and retrieved in the future without a significant loss of purchasing power. One measure of confidence in a currency as a store of value is its usage in official foreign exchange reserves. As shown in Figure 2, the U.S. dollar comprised 58 percent of disclosed global official foreign reserves in 2024 and far surpassed all other currencies including the euro (20 percent), Japanese yen (6 percent), British pound (5 percent), and the Chinese renminbi (2 percent). The dollar share has declined from its peak of 72 percent of reserves in 2001, as foreign reserve managers have added to their portfolios a wide range of smaller currencies, including the Australian and Canadian dollars (IMF COFER). Even with this decline, the dollar remains by far the dominant reserve currency and only returned to about the share it had in 1995. Notably, it is basically unchanged since 2022, when it accounted for 58 percent of reserves, suggesting that U.S. sanctions on Russia following the invasion of Ukraine have not led to fears of dollar "weaponization" causing a notable reallocation of reserves out of dollars.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.002 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.004 | 0.006 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.008 | 0.004 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.044 | 0.031 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".