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round of selling is a concentrated manifestation of the diversification of global foreign exchange reserves and de-dollarization. IMF's Q4 2025 COFER data shows that the proportion of USD in foreign exchange reserves fell below 58%(a new low since 1995), while the allocation to non-USD assets increased, and central bank gold purchases in 2025 set a new historical record for the second highest. Bank of America's Meghan Swiber also believes that the sell-off is a continuation of the trend of diversification of official foreign exchange reserves.<\/li>\n<\/ol>\n<p><img decoding=\"async\" width=\"864\" height=\"554\" class=\"wp-image-9447\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/img_256-14.png\" alt=\"IMG_256\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/img_256-14.png 864w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/img_256-14-300x192.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/img_256-14-768x492.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/img_256-14-18x12.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/03\/img_256-14-600x385.png 600w\" sizes=\"(max-width: 864px) 100vw, 864px\" 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