Results for COFER
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IMF's Reserve Data: Dollar Share Little Changed, Yen Share Jumps, Helped By Valuation IMF's Reserve Data: Dollar Share Little Changed, Yen Share Jumps, Helped By Valuation Reviewed by Marc Chandler on October 03, 2016 Rating: 5
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Six Mostly Overlooked Points about the Currency Reserve Data

April 01, 2015
At the end of each quarter, the IMF reports on currency reserve holdings by central banks for the preceding quarter.What investors are most interested in is the currency allocation of those reserves.  
Not all central banks report the allocation of their reserves.China, the world's largest holder of reserves, is believed not to report the alloc…
Six Mostly Overlooked Points about the Currency Reserve Data Six Mostly Overlooked Points about the Currency Reserve Data Reviewed by Marc Chandler on April 01, 2015 Rating: 5
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Asset Markets Mostly Improve, but Dollar Retains Firm Under Tone

June 28, 2013
Reassuring words from a number of Federal Reserve officials, continued easing of the acute liquidity squeeze in China and mostly firm data in Europe has seen global equity and bond markets general trading higher, but in the foreign exchange market the dollar has retained the underlying firm tone seen this week.  Generally speaking, we anticipate …
Asset Markets Mostly Improve, but Dollar Retains Firm Under Tone Asset Markets Mostly Improve, but Dollar Retains Firm Under Tone Reviewed by Marc Chandler on June 28, 2013 Rating: 5
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Latest Central Bank Reserve Data

April 01, 2013
At the end of last week, the IMF reported the latest reserve figures for Q4 2012. Overall currency reserves stood at $10.9 trillion at the end of last year, up $734.5 bln over the course of the year. Most central banks provide the currency allocation of their reserves. There are two notable exceptions: China, which regards the information as a…
Latest Central Bank Reserve Data Latest Central Bank Reserve Data Reviewed by Marc Chandler on April 01, 2013 Rating: 5
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Nine Observations on Q3 Currency Reserve Data

January 03, 2013
The IMF reported Q3 currency composition of foreign exchange reserves at the start of the week when many were on holiday.   We offer the following observations.

1.  As a whole, central banks drew down reserves during the financial crisis and have been rebuilding them.  Total fx reserves stood at $10.78 trillion at the end of Q3 2012.  This compar…
Nine Observations on Q3 Currency Reserve Data Nine Observations on Q3 Currency Reserve Data Reviewed by Marc Chandler on January 03, 2013 Rating: 5
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Misunderstanding IMF COFER Adjustments

November 20, 2012
There is a buzz from the sidelines of the foreign exchange market that the IMF is considering classifying the Australian and Canadian dollars as reserve currencies. This is a misleading way to characterize what is happening.
It is already well documented that a number of central banks, including German, Swiss, and Russian central banks have added…
Misunderstanding IMF COFER Adjustments Misunderstanding IMF COFER Adjustments Reviewed by Marc Chandler on November 20, 2012 Rating: 5
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Ten Observations About Q3 COFER Data: Updated and Corrected

January 01, 2012
At the end of the quarter, the IMF reports the currency composition of official foreign exchange reserves (COFER) data for the proceeding quarter.  On December 30th, the IMF reported Q3 figures.   Here are the ten take-aways.
1.  The pace of reserve accumulation slowed in Q3, rising 0.9% or $95 bln from Q2, when officials reserves rose 3.9% or $380…
Ten Observations About Q3 COFER Data: Updated and Corrected Ten Observations About Q3 COFER Data: Updated and Corrected Reviewed by Marc Chandler on January 01, 2012 Rating: 5
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Latest COFER Data--Reserve Allocations

June 30, 2011
The IMF publishes its COFER report of official reserve holdings at the end of the quarter for the proceeding quarter. Q1 data was released today. 
In percentage terms, the US dollar's share slipped to 60.7% of the allocated reserves, down from 61.5% in Q4 10 (61.8% in Q1 10). Contrary to some market talk, the yen's share did not increase an…
Latest COFER Data--Reserve Allocations Latest COFER Data--Reserve Allocations Reviewed by Marc Chandler on June 30, 2011 Rating: 5
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Canada Reserve Figures and More

April 05, 2011
The Bank of Canada reports its reserve figures every week. Today's report is interesting because it covers the joint intervention.
The Bank of Canada sold roughly $124 mln in yen. This follows the UK Treasury's admission that it sold about $150 mln of yen. The BOJ figures suggest it sold JPY692.5 bln (~$8.5 bln). What is particularly notew…
Canada Reserve Figures and More Canada Reserve Figures and More Reviewed by Marc Chandler on April 05, 2011 Rating: 5
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SDR Weighting, Not So Much About USD as JPY

November 16, 2010
A little more than a year ago the PBOC governor proposed a supra-national reserve asset, like the IMF's Special Drawing Rights (SDRs) to supplant the role of the US dollar. While the proposal does not appear to be the basis of recent G20 discussions, the topic continues to capture the imagination of market participants.
Every five years the IMF…
SDR Weighting, Not So Much About USD as JPY SDR Weighting, Not So Much About USD as JPY Reviewed by Marc Chandler on November 16, 2010 Rating: 5
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Is Fiscal Austerity Being Rewarded?

July 01, 2010
From the IMF to the G20, from bloggers to Nobel prize winning economists, there have been calls for the major developed countries to reduce deficits and stabilize debt to GDP ratios. The idea is that if this is done properly it need not retard growth and the markets will reward countries with lower interest rates requiring reducing the risk premiu…
Is Fiscal Austerity Being Rewarded? Is Fiscal Austerity Being Rewarded? Reviewed by Marc Chandler on July 01, 2010 Rating: 5
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What to Expect from the COFER data

June 29, 2010
The IMF provides the most authoritative data on the currency composition of reserves. (Think of it as the Ron Swanson of currency composition data) It is reported at the end of the quarter for the proceeding quarter. Tomorrow it is expected to report reserve holdings as of the end of Q1 10.
The COFER data is not perfect. Not every one reports thei…
What to Expect from the COFER data What to Expect from the COFER data Reviewed by Marc Chandler on June 29, 2010 Rating: 5
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Canadian and Australian Dollars as Reserve Assets

June 22, 2010
Last year Russia had indicated it was thinking about adding Australian and Canadian dollar to its reserves. More recently it said it was preparing to do just that. At the end of last week, the ECB's Noyer opined that these two currencies were going to have an increased role as a reserve assets. There is even some talk that when the composition…
Canadian and Australian Dollars as Reserve Assets Canadian and Australian Dollars as Reserve Assets Reviewed by Marc Chandler on June 22, 2010 Rating: 5
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More Thoughts on Switzerland and Why the Euro is Not Lower

June 08, 2010
Investors are still trying to get their heads around the SNB's preliminary indication that is reserves rose to CHF232 bln in May from CHF153 bln in April. This represents more than a 50% increase in reserves in a single month.
It would be tempting to attribute this to valuation changes. As we have noted when looking at the IMF's COFER data…
More Thoughts on Switzerland and Why the Euro is Not Lower More Thoughts on Switzerland and Why the Euro is Not Lower Reviewed by Marc Chandler on June 08, 2010 Rating: 5
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Euro Slips Anew

May 26, 2010
The euro has broken down again and has been pushed through the $1.22 level. It is not as if the market needs new reasons to be bearish the euro, but the news that the market seems to be reacting to now is a Financial Times piece claiming, apparently without attribution, that China's State Administration of Foreign Exchange (SAFE) is reviewing …
Euro Slips Anew Euro Slips Anew Reviewed by Marc Chandler on May 26, 2010 Rating: 5
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Diversification into Dollars ?

May 24, 2010
There has been more talk of central banks moving out of euros into dollars. As far as we can tell, the only confirmation appears to be Russia. Despite its campaign for an alternative to the US dollar, recent comments by the central bank suggest the dollar's share of Russian reserves have increased and it is not simply on a valuation basis.
On …
Diversification into Dollars ? Diversification into Dollars ? Reviewed by Marc Chandler on May 24, 2010 Rating: 5
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Dollar's Share of Reserves Rises, More to Come

March 31, 2010
The most authoritative source of information about the currency allocation of fx reserves, the IMF's COFER data, was just released for Q4 09. As we have suggested, based on the dollar's appreciation, the greenback's share of reserves increased. In Q4 the dollar's share of allocated reserves rose to 62.1% from 61.5%.
The euro's s…
Dollar's Share of Reserves Rises, More to Come Dollar's Share of Reserves Rises, More to Come Reviewed by Marc Chandler on March 31, 2010 Rating: 5
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Thoughts about Dollar's Share of Reserves

March 09, 2010
The IMF's COFER data is the most authoritative on the currency allocation of central bank reserves. It is updated at the end of every quarter for the preceding quarter. At the end of Dec 2009, Q3 data was released. At the end of this month, Q4 data will be published.

Recall that in Q3 09, the dollar's share of allocated reserves has slippe…
Thoughts about Dollar's Share of Reserves Thoughts about Dollar's Share of Reserves Reviewed by Marc Chandler on March 09, 2010 Rating: 5
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Why I'm Not Worried About China

February 19, 2010
A Real Pig’s Eye
The end is nigh. The irresistible force encountered the immovable object. We learned this week that China reduced its Treasury holdings in December for the second consecutive month. Is it really true, as one analyst was quoted on the front page of the Financial Times claiming that China was “saturated” with US paper? Is this yet an…
Why I'm Not Worried About China Why I'm Not Worried About China Reviewed by Marc Chandler on February 19, 2010 Rating: 5
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January in Retrospect, February in Prospect

January 29, 2010
One of the forces that we expected to emerge in January was an unwinding of some of the trends seen in December. This force was evident in parts of the foreign exchange market. The poorest performing currency against the dollar in December was the Japanese yen. It lost a little more than 7% in December. In January it was the best performing curren…
January in Retrospect, February in Prospect January in Retrospect, February in Prospect Reviewed by magonomics on January 29, 2010 Rating: 5
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