Looking at the preferences for FX as an international asset outside of central bank reserves (mostly represented by the private sector), it appears that USD remains quite attractive.
The BIS locational banking data (Figures 19 and 20) suggests that the cross-border US dollar claims have been steadily growing in absolute terms. On a relative basis, the share of USD has been in a slow decline 2015-16, but the overall structure has been quite sticky. The share of other currencies not covered in the charts (which include CNY) increased very modestly from 5% to 6% over the last seven years, suggesting that the roles of USD and EUR as the top two currencies have not been challenged so far.
