And they increased their holdings of USD assets in Q2 2025 to $6.77 trillion, but that remains below the peak in Q4 2021 of $7.09 trillion. Big movements in exchange rates change the value of the non-USD assets that are expressed in USD, but don’t change the value of USD assets. This shifts the share of USD assets against these non-USD assets. Central banks holdings of foreign exchange reserves ins USD and in other currencies (expressed in USD), rose to $12.9 trillion in Q2. The two currencies that gave up share to the “non-traditional reserve currencies” are the USD and the RMB.