According to ChainCatcher, claims regarding the end of the dollar's status as a global reserve currency may not be accurate. The International Monetary Fund (IMF) reported that global foreign exchange reserves increased by $168 billion in the first quarter, with 54% being in dollars.
Steve Englander, the global foreign exchange research head at Standard Chartered Bank, stated that reserve managers seem to deliberately increase their holdings of the dollar during times of pressure to prevent a larger appreciation of their local currency. They may buy in when the dollar is relatively cheap and anticipate future asset market turbulence, believing it is necessary to accumulate dollar reserves in advance.