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Here, I explore some of the implications of the dollar reserve average. What do I really mean by ‘dollar reserve average?’ I mean that a significant proportion of minor central banks own dollars and dollar-denominated assets. In small, the Renminbi, the Taiwan dollar, the Korean won, etc., are all ‘excellent for’ dollars. Meaning, these currencies are liabilities of their respective central banks, that – in turn – own dollars (and dollar-denominated assets).
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