Reserve Rotation & De-Dollarization Tracker

The Reserve Rotation Tracker

De-dollarization, measured — not asserted

Two questions decide whether the dollar's pull on long-horizon capital is fading: what share of the world's reserves still sits in dollars, and who is actually funding the US Treasury. This tracker reads both straight from IMF COFER and US Treasury TIC.

Source ·

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Reserve-currency share of allocated FX reserves

IMF COFER, % of allocated official reserves. The USD line is the de-dollarization signal; "Other + RMB" is where the drift is going.

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USD share, latest quarter

Who funds the US — top foreign Treasury holders

US Treasury TIC, holdings in $bn (). SOV = bulk held by a named sovereign/official owner. 12-month change at right.

Methodology & data sources

Reserve shares. IMF COFER (Currency Composition of Official Foreign Exchange Reserves) reports the currency split of allocated reserves each quarter. The snapshot embeds IMF-published shares through the latest available quarter; the USD line falling from the mid-60s (2016) toward the high-50s is the measured de-dollarization signal. Gold's rising share of total reserves is shown as context and is labelled modelled (IMF / World Gold Council).

Who funds the US. US Treasury TIC "Major Foreign Holders of Treasury Securities" (mfhhis01.txt) lists holdings by country in $bn at end of period. We embed the latest month and the 12-month change. The SOV tag flags countries where the bulk is held by a named central bank or sovereign fund (BoJ, PBoC/SAFE, MAS/GIC, Norges Bank/NBIM, SAMA/PIF, etc.); custody hubs (UK, Belgium, Luxembourg, Cayman, Ireland) are mixed private/official and are not tagged sovereign.

Reading it. A falling USD reserve share and a falling official-sector Treasury holding from a strategic rival (e.g. China) together strengthen the de-dollarization signal; rising allocations from allies (Japan, Gulf, Singapore) offset it. The one-line readout combines both.

Make it live. The refresh script re-pulls TIC monthly and COFER quarterly. TIC updates ~mid-month for data two months prior; COFER updates ~end of quarter.