28 Jun 2013
Flash: AUD accumulates in EM central banks – ANZ
FXstreet.com (New York) - At the end of the March quarter 2013, reporting central banks held a stock of USD98.6bn worth of AUD in their reserve portfolios (at the end-of-quarter exchange rate), notes FX Strategist Andrew Salter at ANZ.
According to Salter, “This equates to a share of total allocated reserves of roughly 1.6%. The IMF considers reserves as ‘allocated’ if the reporting central bank discloses the currency composition of their reserves and unallocated if not.”
The FX reserves in AUD were held in roughly equal proportion by emerging market and developed market central banks at 52% and 48% respectively. In contrast, around 67% of total allocated reserves in CAD were held by EM central banks. The AUD’s ownership structure compares similarly to both the USD and EUR where EM central banks account for around 45% of all allocated reserves, but the CAD’s implies a high degree of participation from Asian central banks.
According to Salter, “This equates to a share of total allocated reserves of roughly 1.6%. The IMF considers reserves as ‘allocated’ if the reporting central bank discloses the currency composition of their reserves and unallocated if not.”
The FX reserves in AUD were held in roughly equal proportion by emerging market and developed market central banks at 52% and 48% respectively. In contrast, around 67% of total allocated reserves in CAD were held by EM central banks. The AUD’s ownership structure compares similarly to both the USD and EUR where EM central banks account for around 45% of all allocated reserves, but the CAD’s implies a high degree of participation from Asian central banks.