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Taking a closer look at the...>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: Taking a closer look at the IMF COFER data from Friday:
-USD holdings dipped below 63% of allocated reserves for the first time since Q4
2013 and are unlikely to revisit post-crisis highs anytime soon
-Valuation effect distorts EUR holdings, despite the surge in share of reserves
-GBP and JPY take up the bulk of reserve manager buying, with over half the
increase in reserves headed for the two currencies (on a currency adjusted
basis)

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