3 November 2022
*About half is held as official reserves, with the rest mostly in the hands of investors in countries with chronic current account surpluses. *The dollar has strengthened by about 20 per cent in the past year and pundits generally attribute this performance to rising interest rates and to “haven” buying at times of turbulence. *Over the past year, investors have suffered substantial losses as the price of bonds fell worldwide as interest rates have risen.