In fact, the recent financial and economic turbulences which were also accompanied by some exchange rate volatility have resulted in only in very limited changes to the currency composition of global foreign exchange reserves. Thank you very much for your attention. 1  See Campbell, J. Y., Serfaty-de Medeiros, K., and Viceira, L. M., 2007. “Global Currency Hedging”, NBER Working paper, 13088 May 2007.
2  See Beck, R. and Rahbari, E. (2008). “Optimal reserve composition in the presence of sudden stops: The euro and the dollar as safe haven currencies”, European Central Bank, Working Paper No. 916. 2  BIS Review 69/2009  BIS Review 69/2009  3