Foresight No. 21: The Dollar’s Share in 2035 (full note, PDF)

Foresight, prospective note No. 21. Driss EFFINA, PhD. October 2026. PDF, 26 pages, 14 charts and diagrams, 8 tables.

At the end of June 2026 the world’s central banks held 13.22 trillion dollars of foreign exchange reserves, and 56.70 percent of them were in US dollars, according to the IMF’s latest COFER release of 30 September 2026. The euro held 20.60 percent, the yen 4.96 percent and the renminbi 2.11 percent. Twenty-five years earlier the dollar’s share was 71.5 percent.

Inside the full note:

• Where reserves stand in 2026
• What the headline hides: valuation versus active erosion
• The network behind the reserve share
• Gold: the asset without an issuer
• Treasuries: who replaced the official buyer
• The drivers, measured
• Four scenarios to 2035
• Consequences
• Leading-indicators dashboard
• Implications for policy and for investors
• What to watch

Read the free preview: The Dollar's Share in 2035.