US Dollar, Euro, RMB - Yuan as international invoicing and reserve currencies

1) U.S. Dollar, Euro, Renminbi - Yuan as invoicing currencies in international trade and as reserve currencies : a bibliography


A U.S. perspective on Economic and Monetary Union in Europe, by the President of the Federal Reserve Bank of New York, William J. McDonough, on 17/11/97


Currency invoicing of U.S. imports, Shabtai Donnenfeld, Alfred A. Haug, York University, Toronto,  04/2002


Vehicle Currency use in International Trade, Linda Goldberg, Cédric Tille, Federal Reserve Bank of New York, Staff Report, 01/2005
  • See Chapter III and notes about datasources in the Appendix.

WILL THE EURO EVENTUALLY SURPASS THE DOLLAR AS LEADING INTERNATIONAL RESERVE CURRENCY?, Menzie Chinn, Jeffrey Frankel, NBER Working Paper, 07/2005

The Euro as invoicing currency in international trade, Annette Kamps, ECB working paper, 08/2006

The Euro as a Reserve Currency: a Challenge to the Pre-Eminence of the US dollar? Gabriele Galati, Philip Wooldridge, BIS Working Papers No.218, 10/2006

Macroeconomic interdependence and the international role of the dollar, Linda Goldberg, Cédric Tille, Federal Reserve Bank of New York, Staff Report, 02/2008

Observations on Currency Invoicing of International Trade, Linda Goldberg, Federal Reserve Bank of New York, 11/2008


What drives the invoicing of international trade?, Linda Goldberg, Cédric Tille, Federal Reserve Bank of New York/CEPR, 12/2009

The euro at Ten: The Next Global Currency?, J. Pisani-Ferry, A.S. Posen (eds), Petersen Institute for International Economics / Bruegel, 12/2009

Is the International Role of the Dollar Changing?, Linda Goldberg, Federal Reserve Bank of New York,  01/2010

What is the status of the international roles of the dollar?, Linda Goldberg, Federal Reserve Bank of New York, 03/2010

Micro, Macro, and Strategic Forces in International Trade Invoicing, Linda Goldberg, Cédric Tille, Federal Reserve Bank of New York/CEPR, HKIMR, 04/2010  version

Has the Euro affected the Choice of Invoicing Currency?, Jenny E. Ligthart, Sebastian E.V. Werner,  Tilburg University, FREIT, 05/2010

Will the Renminbi Emerge as an International Reserve Currency? Jong-Wha Lee, Asian Development Bank, 06/2010

See also the dedicated page by Ministry of Finance Japan (articles from 1998 to 2010)

Micro, Macro, and Strategic Forces in International Trade Invoicing, Linda Goldberg, Cédric Tille, Federal Reserve Bank of New York/CEPR, 09/2011 version

The International Role of the Dollar: Does It Matter if This Changes?, Linda Goldberg, Federal Reserve Bank of New York, 10/2011

What If the U.S. Dollar's Global Role Changed?Linda Goldberg, Mark Choi, Hunter Clark, Federal Reserve Bank of New York,  10/2011


International Currency Competition: Are There Alternatives to the US Dollar?, R. S. Rajan, S. Gopalan,  National University of Singapore, 11/2011

Has the Euro Affected the Choice of Invoicing Currency?, J.E. Ligthart, S.E.V. Werner, Tilburg University, ECB working paper, 01/2012



Oil market structure, network effects and the choice of currency for oil invoicing, E. Mileva, N. Siegfried, ECB, Energy Policy, 05/2012



Do Industrialized Countries Hold the Right Foreign Exchange Reserves? Linda Goldberg, Cindy E. Hull, Sarah Stein, Federal Reserve Bank of New York, Current Issues in Economics and Finance, Volume 19, Number 1, 04/2013

2) About the U.S. dollar and others currencies usage in forex activities 

  • Currencies' shares of global foreign-exchange transactions (p 12) :

Feb. 2013 SWIFT ranking of payment currency, China Daily, 02/2013

World payments currencies, SWIFT RMB Monthly Tracker, updated monthly.


3) Bibliography about the future of Renminbi and towards a new International Monetary System



Reserve currency status does not last forever (source)