Economists at the International Monetary Fund have compiled figures backing the view that the Australian dollar is becoming a more important reserve asset for central banks.
"The IMF's new data-set provides fresh insights into central banks' debt holdings," Commonwealth Bank currency strategist Joseph Capurso said in a report on Friday.
"It also reveals central banks' preferences for reserve currencies because advanced economy sovereigns issue debt in their local currency.
"Central banks asset allocation decisions are important influences on financial markets because they are amongst the world's largest investors," Mr Capurso said.
"We still expect AUD and CAD to fall, at the very least in a knee jerk reaction, whenever global economic growth or global financial stability is questioned," he said.
"But the IMF data-set confirms what we have known for several years that both AUD and CAD are reserve currencies."
