Foreign bank deposits in U.S. have more than doubled during European debt crisis
Foreign bank deposits at the Federal Reserve have more than doubled to $715 billion from $350 billion since the end of 2010 amid Europe’s debt turmoil, buttressing the dollar’s status as the world’s reserve currency, Bloomberg reported. Forty-seven non-U.S. banks held balances of more than $1 billion at the Federal Reserve Bank of New York as of Sept. 30, up from 22 at the end of 2010, according to a survey of 80 financial institutions by ICAP plc, Bloomberg said.
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