RMB averaged 6 %, compared to an average share of 58 % for the USD and 35 % for the euro. We also find that the USD, euro …, euro and yen weights. An increase in financial markets volatility leads developing countries to increase anchor weights of … the developed countries currencies USD, euro and yen. Heightened geopolitical uncertainty only increases the weights of …

from their own sovereign. We exploit granular and confidential data on euro area banks operating in different countries to …