24 Jul.
The economic downturn has shown, again and again, that global investors and foreign governments turn to the safety of US Treasury securities in a crisis. The same apparently goes for other foreigners, who stashed away $100 bills at a rapid pace after the financial crisis struck in late 2008.
As much as two-thirds of US currency in circulation is held abroad, according to the Fed. In testimony for a House subcommittee hearing, Louise Roseman, director of the Fed’s Division of Reserve Bank Operations and Payment Systems, laid out the stats: The foreign component of currency holdings “increased significantly” starting in the late 1980s. In the 1990s, US currency in circulation world-wide grew at a 7.7% average annual rate primarily due to increases in foreign demand and a demand surge at the end of the decade, she said. But annual growth rates began to fall in 2001 and fell below 1% in 2008, through August.
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