Central banks shifting away from dollar as reserve currency
Central banks around the world are shifting away from the dollar as major reserve currency but Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said the trend is likely to create more diverse global reserves instead of shifting to another dominant currency.
Asian central banks moved to prop up falling currencies on Tuesday to help prevent surging oil prices from stoking inflation in economies bracing for a global slowdown.