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Euro remains second most important global currency: ECB report

Xinhua, June 9, 2016 Adjust font size:

Euro remains the second most important currency in the international monetary system, according to a report released by the European Central Bank (ECB) on Wednesday.

After reviewing developments in 2015 and early 2016, the report found that the euro remained the second most important currency of those included in the revised Special Drawing Right basket with a significant gap to the U.S. dollar.

The share of the euro has declined slightly over the review period. The share of the euro in globally disclosed holdings of foreign exchange reserves fell for the sixth consecutive year to 19.9 percent, the lowest level since 2000. The share of the US dollar also declined to 64.1 percent in 2015, the lowest level since 1999.

"The medium-term decline in the shares of both the euro and the US dollar may suggest a trend towards greater multi-polarity in the international monetary system," said the report.

The international role of the euro is primarily determined by market forces, and the Eurosystem neither hinders nor promotes the international use of the euro, said ECB president Mario Draghi in the foreword of the report. Enditem