U.S. dollar losing shine as reserve currency for emerging economies: media

Photo taken on March 24, 2020 shows the New York Stock Exchange and George Washington statue on the Wall Street in New York, the United States. (Xinhua/Wang Ying)

Dollar assets made up more than 70 percent of global reserves at the end of 2001, but have since been falling.

TOKYO, May 12 (Xinhua) -- The U.S. dollar is losing its shine as a reserve currency for emerging economies amid concerns over the greenback's prospects, according to media reports.

The share of U.S.-dollar-denominated assets in the world's foreign reserves declined for the fifth straight year in 2020 to 59 percent, the lowest level in 25 years, and emerging economies like China and Russia are diversifying their holdings, news magazine Nikkei Asia reported Saturday.

With rising doubt over the dollar's long-term value amid the pandemic, central banks around the world are starting to place more weight on assets in alternative currencies as well as non-monetary options like gold, the report said.

Dollar assets made up more than 70 percent of global reserves at the end of 2001, but have since been falling.