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WFN QUICK BRIEF · UNDER 1 MIN
The short version
MODE 2 OF 2
What the source establishes
In its 1 October 2025 analysis, the IMF compared the reported dollar share of allocated reserves with an estimate holding exchange rates constant. It reported a decline from 57.79% to 56.32% in Q2 2025, against an exchange-rate-adjusted Q2 share of 57.67%. The figures belong to that publication’s data vintage. IMF — reserve shares adjusted for FX moves, 1 October 2025 ↗
What the distinction changes
Consider an explicitly illustrative portfolio holding equal dollar values of dollar assets and euro assets. If the euro appreciates while quantities stay unchanged, the euro assets represent a larger dollar-valued share. A reported composition change has occurred without a reserve manager placing a transaction.
Questions for the next review
Keep the observation quarter, release date and revision vintage together. Compare reported and valuation-adjusted measures where available, and retain any methodological changes. Do not combine an old allocated-reserves share with a newer series of different coverage and call the difference a flow.
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WFN STORY COMPASS
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EDITORIAL ILLUSTRATIONWFN EDITION · 15 OCTOBER 2026
Editorial noteSource-based explanation with original WFN analysis. Historical records retain their original periods. Numerical examples are labelled as illustrative, not observed market data. AI-generated conceptual illustration; it does not document an actual event or product interface.
WFN REALITY LEDGER
What is on the record?
Primary-source explainer
Primary-source explainer; examples are explicitly illustrative
Primary record / reference periodIMF analysis published 1 October 2025; historical Q2 2025 data
The cited material establishes the documented method or historical record. WFN analysis and illustrative calculations are labelled separately.
The IMF’s analysis of 2025 reserves separates exchange-rate valuation from portfolio changes. A smaller dollar share does not identify a sale.
01 · VERIFIED RECORD
What the source establishes
In its 1 October 2025 analysis, the IMF compared the reported dollar share of allocated reserves with an estimate holding exchange rates constant. It reported a decline from 57.79% to 56.32% in Q2 2025, against an exchange-rate-adjusted Q2 share of 57.67%. The figures belong to that publication’s data vintage. IMF — reserve shares adjusted for FX moves, 1 October 2025 ↗
The IMF attributed 92% of that quarter’s decline in the dollar share to currency movements. Its discussion also separates exchange-rate valuation from changes in securities prices. These historical figures are not a measurement of reserve allocations in October 2026. IMF — reserve shares adjusted for FX moves, 1 October 2025 ↗
02 · WFN EDITORIAL ANALYSIS
What the distinction changes
Consider an explicitly illustrative portfolio holding equal dollar values of dollar assets and euro assets. If the euro appreciates while quantities stay unchanged, the euro assets represent a larger dollar-valued share. A reported composition change has occurred without a reserve manager placing a transaction.
WFN’s analytical point is to treat a share as a ratio with a changing numerator and denominator. An assertion about active diversification requires evidence about transactions or an appropriately adjusted series. The raw percentage alone cannot establish the manager’s intention.
03 · WHAT TO CHECK NEXT
Questions for the next review
Keep the observation quarter, release date and revision vintage together. Compare reported and valuation-adjusted measures where available, and retain any methodological changes. Do not combine an old allocated-reserves share with a newer series of different coverage and call the difference a flow.
