Reserve currencies are key. Reserve currency: dollar and its alternatives

Reserve currencies This monetary units certain countries that are used central banks various states for accumulation in their own gold and foreign exchange reserves.

Besides reserve currencies act as a means of payment in the exchange of goods and services international level(i.e. in international trade).

Currently, the role of the world's leading reserve currencies is played by: the American dollar (), the European monetary unit euro (), the great British pound sterling (), Japanese yen (YEN or), Swiss franc () and others. The percentage of international reserves of the corresponding monetary units is reflected in the table.

Reserve currencies, being in the assets of various states, can be used to pay off the country's balance of payments deficit, for sale (in order to equalize the exchange rate of the national currency), in the interests of carrying out international payment transactions, also in order to increase the competitiveness of export transactions by weakening its own currency , and also as a safety net in case of financial instability.

Reserve currencies (RC) must have the following characteristics

1. The most important quality is its stability as a means of payment. In other words, the use of such a monetary unit involves the least risk of loss due to fluctuations in its value. The reserve unit must be stable, freely and easily convertible into other currencies.
2. The second sign is the scale of the country's economy and its share in international trade. How more percentage presence economic structure the issuing country in the global financial space, the easier it is to introduce its currency into international payments.
3. The third property of a real estate is the degree of maturity of the national capital market. The more developed the financial market, the easier it is to attract loans (at low costs) and invest in instruments with optimal returns - as a result, domestic market the state will constantly experience an influx of foreign investors.

Thus, in order to obtain reserve status, a monetary unit must be stable, stable, and be the currency of a country with a large, developed economy, involved in international trade and with a mature financial market.

It's no secret that in modern world money matters. What is happening to the Russian economy today is directly related not only to the cost of oil, the situation in Ukraine, but also to the financial market. World reserve currencies are, first of all, a kind of island of security on which Russian citizens feel somewhat more reliable. The ruble has always been considered not too stable, but at the same time it occupied a well-deserved place in the financial market. Unfortunately, due to the fact that the national ruble is in Lately behaves extremely insecurely, many have chosen world reserve currencies to save their savings. What kind of money can rightfully be considered such? After all, there are quite a lot of different monetary units on the financial market that can be considered quite reliable. How many reserve currencies are there in the world? Why were they chosen as a kind of “safe haven”?

What is a reserve currency?

Modern business society understands the concept of world reserve currency as the monetary unit that banks of other countries require to create a certain foreign exchange reserve. First of all, it is used as a tool for trading between different countries. It is also used as an international asset, establishing a strong relationship between the two leading currencies. This term is often used to refer to monetary units in bank settlements with certain organizations. Previously, such currencies were used to settle the gold and oil markets, thereby determining the cost of these resources. Today, they are used mainly for accumulation and also strengthen the ability to compete with exports by weakening their own currency.

World reserve currencies are a kind of “safety cushion” in case of financial instability. But initially it is worth noting that such cash reserves serve as a safety net in case of a financial crisis. It is no secret that it is the world reserve currencies that contribute to the weakening of the national currency. Which ones exactly - let's consider further.

How many reserve currencies are there in the world?

It has long been known that absolutely any monetary unit can be a reserve currency. This just requires economic stability in her state, as well as the absence of revolutions and other upheavals. But even if the currency is stable, it is involved in world trade and has a developed financial market, this does not mean that it has the status of a reserve unit. After all, money acquires this status only after leading banks in other countries begin to use it to preserve their own reserves. So it turns out that world reserve currencies are monetary units that perform the function of an investment asset. Currently, several currencies are considered reserve money. First of all, this is, of course, the American dollar (USD) and such as the common European currency euro (EUR), Japanese yen (JPY), British pound sterling (GBP), Swiss franc (CHF), as well as several others. It is these monetary units that are in the assets of most states.

Reserve currency dollar (USD)

The dollar appeared back in 1861. Then, at the request of Congress, about 57 million banknotes were printed. Although the official birthday of the dollar is still considered to be July 6, 1785. It was on this day that he was officially registered. It is believed that the dollar is the world's No. 1 reserve currency. Indeed, over the past decade, more than 50% of the total gold and foreign exchange reserves of all countries of the world were calculated in this monetary unit. Why is the dollar the world's settlement and reserve currency? In order to answer this question, it is necessary to plunge a little into history.

As the consequences of World War II became clearer, it became clear that drastic measures had to be taken. Thus, at the next congress, a single price for 1 troy ounce of oil was adopted in the amount of $35. And with this, the countries recognized the American dollar as a single settlement and reserve currency. As you know, during the war the American economy suffered the least, and the US gold reserves were huge. In addition, the United States had a powerful industry. This was due, first of all, to the fact that countries on trading market often wanted to buy something in return. This allowed the United States not only to look like a leader in the world market, but also to strengthen the country’s economy as a whole. It is not surprising that during this period countries needed to engage more in exports, because such a strategy allowed them to accumulate gold and currency. So it turned out that the United States, while exporting own currency, received the status of the most stable country, and the dollar took a leadership position and a high rank.

as the world's reserve currency

The history of this monetary unit dates back to 1995. It was this year in Madrid that the EU decided to “christen” the future common currency of eleven states - the “euro”. Although the development of the European monetary unit project began back in 1979. This idea was truly grandiose. After all, previously all attempts to create some financial union ended with disastrous results. Just like the dollar, the euro has great support from other countries, which gives it the opportunity to become a leading currency for education exchange rates. But the fact that members of the Union of Europe support this banknote, also has some negative impact associated with the irregular development of these states. Analysts believe that soon, due to the fact that the internationalization of the euro has given impetus to the formation of a bipolar global monetary and financial system, it and the dollar will have an impact on different zones and territories. The euro is likely to remain within Eastern and Central Europe, while the dollar will dominate within South and East Asia, as well as Latin America. But today we can safely say that these are the two most powerful world reserve currencies.

Japanese yen (JPY) - an honorable third place

Previously considered one of the most powerful safe-haven currencies. But its popularity has definitely declined over the past few years. And today this monetary unit occupies only third place in the financial market. The yen was created in 1871, although other gold, silver and paper money existed in parallel with it. Well, the international title came to her on May 11, 1953, exactly when the International Monetary Fund legalized her relationship with gold weighing 2.5 milligrams.

Of course, its volume in the modern financial market is significantly inferior to the leading dollar and euro. But that doesn't bother me at all Japanese yen occupy an honorable third place among the world's reserve currencies. This monetary unit differs from its competitors in its fairly high round-the-clock liquidity throughout the world. And despite its position among the leaders, the yen is indispensable in international financial markets.

World currency pound sterling (GBP)

The pound sterling is a fairly traded currency in the world. That is why it ranks fourth in terms of trust among citizens of the entire Earth. The concept of “pound sterling” first appeared in 1694. And in the period from 1821 to 1914, it was this monetary unit that was considered the main reserve currency in the financial market. Unfortunately, after the Second World War, Great Britain was significantly weakened. This gave the US the opportunity to become a leader in some sense, and the dollar to replace the pound sterling.

The appearance of the euro on the financial market also had a significant impact on this currency. After all, before the EU decided to create a single European national currency, the pound sterling benefited from all sorts of rumors about the convergence of exchange rates. And if the results of the referendum in Great Britain had been positive, the pound would have joined the euro back in 2000. Almost 14% of the world market consists of pounds sterling. And this is a very good result.

Stable Swiss franc (CHF)

People first started talking about this currency back in 1850. In terms of its nominal value, this monetary unit was equal to the French franc. The main advantage of this currency is that it is practically the most stable in the world. Throughout history, the devaluation of the franc has been recorded only a few times. Thanks to this, it enjoys high trust among citizens around the world.

Traditionally referred to as the currency of low-tax zones with zero inflation. As a reserve currency, it has secured fourth place. And although it represents the only monetary unit that is not part of the EU and the G7 countries, and its share almost never rises above 0.3%, thanks to its “eternal” stability, it never loses its position in the world market . Although with the introduction of European single currency constancy and immutability of course Swiss franc diminished somewhat.

Ruble and yuan as reserve currencies

All world reserve currencies today have taken their rightful places. And if a few years ago, in 2007, the government Russian Federation declared that the ruble could safely be exported to the world, then after all the crises it had experienced, this became almost impossible. That is why most analysts concluded that the ruble will not be able to take its place among the safe-haven currencies in the near future.

The same, in principle, cannot be said about the World reserve currency, as is known, must have a “set of leadership qualities.” Today, China is doing everything to ensure that its national currency strengthens and grows. And, according to leading experts, he does it well. After all, according to data for 2014, this particular currency became one of the 10 actively traded ones, having outstripped 22 “opponents” over the past three years. Work on the offshore market is also in last years does not stand still, and at the end of March 2014, Germany agreed with China on cooperation in clearing, as well as on settlements in yuan. Besides stock exchanges Hong Kong and Shanghai opened a cross-trading mechanism, gold in China's reserves increased significantly, and 40 world banks made investments in the Chinese currency. All this leads to the fact that in a few years the yuan will take place of honor leader as the world's No. 1 reserve currency.

Forecast for 2015

It is difficult to predict what the world monetary system will be like in the coming years. In connection with the current crisis caused by a sharp decline in the cost of oil, we can assume what awaits financial world, It's hard enough. The ruble failed, but today Russia, together with China, is doing everything possible to minimize the influence of the American currency on the global financial market. And no matter how sad this may sound for the United States, the yuan is in any case guaranteed to have a future as a reserve currency. After all, not only experts speak about this, but also research data foreign exchange markets world over the past few years. China has long proven its worth as a major trading force and the strongest exporter with the second largest economy in the world. And many experts claim that in 10 years the yuan will achieve its goals. In addition, China is already taking confident steps towards this. And, as you know, world reserve currencies are the currencies of those countries that have gone through a difficult path!

The currencies of some countries are extremely different. high level stability and resistance to changes occurring in the global economy. And the states where they are used are characterized as strong, having reliable financial position On the market. Most often, countries around the world accumulate them to store their gold and foreign exchange reserves. In addition, they often act as means of payment for purchasing goods and services internationally. So, in this article we will take a closer look at what is called the world reserve currency.

What is a “reserve currency” and what is it for?

All countries have their own main bank, called the Central Bank. It performs certain functions, the main one of which is to support and regulate the exchange rate of the local currency. First of all, this happens through the accumulation of gold and foreign exchange reserves.

Every central bank has a balance sheet consisting of 2 parts: assets and liabilities. The latter are represented by obligations credit institution, for the most part, in the form of national currency. Assets are what the specified obligations were invested in, through which they are secured. As stated above, first of all, gold and foreign exchange reserves. So, the currencies included in them and providing support for the local currency are called reserve currencies. Each state has the right to independently decide where to store its funds. Usually, not one currency is chosen for this, but several. It is important to understand that reserves are used for the most stable of them, which are not too affected by inflation. They actively participate in settlements at the global level and are listed on the foreign exchange market.

Similar world currencies are most often used:

• for investment;
• to pay export operations;
• in order to stabilize the exchange rate of national money, in other words, to pay off the balance of payments deficit.

Commonly accepted world reserve currencies

There is also the concept of “world reserve currencies”. It is used in relation to those monetary units that are defined by the IMF. In order for a currency to become a reserve currency not within one state, but throughout the world, the Fund is guided by the following criteria:

• level economic development;
• stability of the financial situation in the country.

Inclusion in the composition can occur at any time. For example, it began to be used as a reserve currency only a few years ago. This happened because the country's economy and its financial position are improving and becoming stronger every year.

So, what currencies are recognized as reserve currencies by the International Monetary Fund?

U.S

Over the past few decades, it has been recognized as the main reserve currency. This monetary unit first appeared in the mid-19th century, when, at the request of the American Congress, about 57 million banknotes were issued. However, the dollar was registered even before that - in 1875.

The share of the American currency now exceeds 60% of all foreign exchange reserves. Why is this so, because it cannot be said that economic situation The USA is stable and sustainable: every now and then the country experiences financial crises, and external debt is everything increasing? To answer the question you need to look at history. After World War II, at a world congress, countries decided to determine a single price for oil, using dollars as a basis. This happened because during the fighting it was the US economy that suffered less, and the country’s gold reserves were huge. Moreover, American industry was at its peak. For this reason, it was decided to recognize the dollar as a unified currency to be used in calculations. Thus, it replaced the British pound because the purchasing power of the US currency was considered to be higher.

Euro

The main currency of the European Union is in second place: its share now accounts for a quarter of world foreign exchange reserves. In the post-war period, when the German economy recovered, the German franc received the status of a reserve currency after the dollar. However, it (and other European currencies) was then replaced by the euro in 1999. Since then, its share of countries' foreign exchange reserves has only increased, as trade with and in the EU countries expands every year.

It is worth noting that the dollar is constantly competing with each other, and in 2007, financial analysts even believed that the European currency would overtake the American one. However, this never happened.

GBP

For three centuries it was considered the main reserve currency, but after the liquidation of the gold standard, the palm passed to the dollar and other monetary units.

Over the past few years, the pound has risen and stabilized, which has led to an increase in its share in world reserves, so now it is in third place in this rating. According to economic experts, this happened because London's finances are getting better.

Swiss frank

Switzerland is one of the prosperous countries, whose economy is stable and has a high level of reliability. For this reason, it is a reserve currency, but not very popular. Its share on a global scale is small (it does not even reach 1%). In general, this happens because the country itself does not want an increase in investment in its economy, believing that this will disrupt the stability of the financial situation.

It is also important to note the fact that some special economic issues may be put to a referendum. Thus, the government takes into account the opinion ordinary citizens. In 2014, for example, people were asked whether 20% of Switzerland's reserves should be converted into pure gold.

Yen

Japanese money has never been particularly stable, but throughout its existence it has been extremely resistant to all kinds of inflation. belongs to the so-called special drawing rights, which will be discussed below. Its share in the international currency basket is assessed every five years, so it may soon be able to enter the IMF's main reserves.

Yuan

In 2016, it was announced that the Chinese national currency would be included in the Special Drawing Rights Basket. Two years have passed since that moment, and the yuan has not reached the rank of world reserve currencies. And this despite the fact that the country’s economic dynamics are positive. However, as experts note, to achieve full status as a world reserve currency, the yuan lacks free convertibility and a floating exchange rate. First of all, because the country's authorities strictly and tightly control it. However, all this does not in any way reduce the interest of other countries in the yuan. For example, France and Germany replenished their reserves with the Chinese national currency.

Alternative currency options

It is necessary to pay attention to our own currency, which is issued directly by the IMF. It's about about a special non-cash virtual cash. It's called Special Drawing Rights (SDR). IN general view, this is the so-called basket, in which there are various world currencies in certain shares. Its composition and structure are reviewed once every five years. On this moment SDRs look like this:

• British pound - 8%;
• yen - 8%;
• Yuan - 11%;
• euro - 31%;
• dollar - 42%.

In addition, among the reserve currencies there are also. However, their share is extremely small, so they are often not even mentioned, designated as “others”. Moreover, since the 50s of the last century, the Canadian dollar has played an important role not only in the economy of the country itself, but also in France, the Netherlands, and the Caribbean countries. The status of the Australian currency is no less significant, but it has its influence on the Asia-Pacific region.

So, having examined the concept of world reserve currencies, we can say that their main purpose is to form a gold and foreign exchange fund of the state. In most countries, the government decides where these funds are used. However, in reality they spend it extremely rarely, so that the value of their own currency does not fall and a crisis does not occur.

However, for a currency to become a reserve at the global level, a decision by the IMF is necessary. They select only the most stable monetary units, which are national in states with good economic development and low inflation.

It's no secret that money is important today. The oil situation, relations with Ukraine and Europe, military operations with Syria - everything is reflected in the Russian economy and financial market. And it’s no secret that people don’t really trust the ruble, since its exchange rate has changed very much over the last year 2014-2015.

And due to the unstable behavior of our national currency, people feel more confident if they have a small reserve reserve currency, a kind of island of safety in the “turbulent sea” of our country.

Why do you need a currency reserve and what to do with it:

Large banks use currency as a tool for settlements between partner countries and to create a kind of foreign exchange reserve. This reserve is used in the same way as assets, instead of giving way to gold and oil. The latter have faded into the background, since there is no longer the same confidence in their increasing value.

History of the reserve currency:

Initially, only the British pound sterling played this role, but in 1944 it was decided to introduce a second currency - the US dollar. And within several years it took a dominant position as a currency of account.

In 1976, with the abolition of the gold standard and the introduction of free exchange rate fluctuations, two more potential currencies appeared - the German mark and the Japanese yen.

And in 1999, after the unification of the European Union, the world's second largest reserve currency, the euro, entered the market. Which firmly occupied the pedestal behind the dollar.

How much reserve currency is in Russia:

According to the idea, any currency can be a reserve, the main thing is that there is no crisis, war, revolution, etc. in the country. In general, everything would be calm. But this is not the main thing; it is necessary that countries begin to pay it off among themselves. Only in this case is the currency recognized as international.

As of 2015, the international reserve stock in Russia is about 370 billion US dollars. Then there are euros, pounds and yen. The latter have small percentage of the total reserve, approximately 4%.

Reserve currency- a national currency generally recognized in the world, which is accumulated by the central banks of other countries in foreign exchange reserves. It performs the function of an investment asset, serves as a way to determine currency parity, and is used, if necessary, as a means of conducting foreign exchange interventions, as well as for conducting international payments.

Sometimes this also means the currencies most used in international trade.

Previously, reserve currencies were used mainly as a means of settlement in commodity markets (oil, gold, etc.), but recently, especially in Asian countries, reserve currencies are used to accumulate gold and foreign exchange reserves (hereinafter referred to as gold and foreign exchange reserves) in order to strengthen the competitiveness of exports by weakening of their currencies, as well as as a reserve in case of financial crises.

Reserve currency status

The country issuing such a currency has certain advantages: the ability to cover the deficit balance of payments national currency(what is happening now with the US trade balance), to help strengthen the position of national corporations in competition in the world market. But the promotion of a currency to the role of reserve imposes on the issuing country the responsibility of maintaining the stability of the currency, removing foreign exchange and trade restrictions, and taking measures to eliminate the balance of payments deficit.

Initially, the British pound sterling played the role of reserve currency, playing a dominant role in international settlements. Following the decisions of the Bretton Woods conference (USA, 1944), along with the pound sterling, the US dollar began to be used as an international payment and reserve currency, which soon took a dominant position in international payments.

The Jamaica Agreement legally formalized the demonetization of gold for the first time, which resulted in the abolition of:

• official gold price;
• fixing the gold content of currencies, and therefore gold parities (formally, the Special Drawing Rights are declared the basis of currency parities in the IMF Charter);
• contributions of gold by IMF member countries to its capital.

But despite the legal elimination of gold from the world monetary system, it continues to serve as world money as an international reserve.

World reserve currencies

GBP

Yen

Special Drawing Rights

Special Drawing Rights- artificial reserve and means of payment issued by the International Monetary Fund. It has a limited scope of application and is circulated only within the IMF. Used to regulate balances of payments, replenish reserves, and settle IMF loans.

In connection with the development of the global economic crisis, in March 2009, China proposed to create a world reserve currency on the basis of special drawing rights, which could replace the US dollar in this capacity. It is planned to expand the basic currency basket. In the future, this may lead to the emergence of cash turnover new world currency [ ], how at one time the euro emerged from the ECU.

Clearing currencies CLS

Other currencies

A number of countries and regional blocs have expressed interest in promoting their currencies for use as global reserve currencies:

• Russia - a number of politicians, officials and employees of the Russian Central Bank have declared interest in turning the ruble into a reserve currency. Deputy Chairman of the Central Bank of the Russian Federation Konstantin Korishchenko, speaking at the meeting round table“Can the ruble become a world reserve currency?”, reported that some foreign central banks are already placing part of their assets in rubles. First Deputy Chairman of the Government of the Russian Federation, Dmitry Medvedev, said that the ruble should be turned into one of the world's reserve currencies. Politicians consider the main factor that makes it possible to make the ruble a reserve currency, Natural resources, which Russia now sells not for rubles. The organization of oil and gas exchanges, where trading will be conducted in rubles, will presumably automatically create a need for ruble assets in other countries. However, the example of the euro shows that currencies become reserve currencies rather slowly. It will be necessary to create attractive ruble financial instruments, in which foreign investors could place rubles. Without this, most likely, the ruble will be freely convertible, but only as much of it will be purchased as needs to be spent immediately, and ruble reserves abroad will increase slightly.
• The Gulf Cooperation Council planned to introduce a regional currency in 2010 Dinar Bay, for the purpose of use as a reserve currency. Later, the introduction of the currency was postponed to a later date (no earlier than 2015).
• Although China has not made official statements about giving the yuan the functions of a reserve currency, thanks to its ever-increasing role in international trade, the role of the yuan in the world is also growing. China uses the yuan in payments with neighboring countries (Russia, South Korea, etc.). Foreign investment China are usually denominated in RMB. It is interesting that back in the early 2000s it was noted that in China, in the speeches of officials and in the press, the idea of ​​​​creating an “Asian currency” like the euro was already being discussed, the basis for which would be CNY. The yuan began to be used in international payments; at the beginning of 2014, it accounted for 2.2% of all foreign exchange transactions in the world, and in terms of trading turnover it entered the top ten. November 30, 2015 Executive Board of the International Monetary Fund (