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IMF says dollar losing ground in global forex reserves

WASHINGTON, Dec 28, 2007 (AFP) - The dollar is losing ground as the currency of choice in the world's foreign exchange reserves, the International Monetary Fund said Friday.
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The dollar's share of forex reserves was 63.8 percent in the third quarter, compared with 65.

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0 percent in the second quarter and 66.5 percent in the 2006 July-September period, the IMF said on its website.

By contrast, the 13-nation eurozone currency made up 26.

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4 percent of global forex reserves in the third quarter, compared with 25.
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5 percent in the second quarter and 24.
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4 percent a year ago.

The trend is a fairly recent development.



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In the third quarter of 2005, the dollar's share was 66.4 percent and that of the euro was 24.3 percent, similar to the 2006 third-quarter levels.
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In recent months, several emerging-market countries, whose foreign currency reserves have ballooned as a result of such factors as high commodity prices and strong exports, have signaled their intention to further diversify their foreign exchange reserves to offset the US currency's depreciation.

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That was particularly the case with China, which has the world's largest reserves, at 1.

430 billion dollars in Septem
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