The euro’s challenge to the international status of the US dollar has been set back a generation as new data show developing countries dumping the European currency from their official reserves.
Central banks in developing countries sold €45bn of euros in 2012, according to data compiled by the International Monetary Fund, cutting their holdings by 8 per cent.
This highlights the damage that Europe’s sovereign debt crisis has done to its standing in the global financial system as the chance of rivalling the dollar – one dream of the single currency’s founders – slips away.
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