(Bloomberg) -- The dollar’s share of global currency reserves dropped in the fourth quarter to around 59%, the lowest in 25 years, according to International Monetary Fund data.

The slide came in a quarter when a gauge of the greenback fell the most since 2010, and amid questions about how long the dollar can maintain its status as the pre-eminent reserve currency. The Chinese renminbi is transforming into a force to be reckoned with in currency markets, with more yuan changing hands than ever before in London, the world’s leading foreign-exchange center.

“This is a slow burn theme, but we are of the view that we’re eventually headed into a ‘multiple reserve currency’ framework over time,” Bipan Rai, a strategist at CIBC, said via email.

In the fourth quarter, the euro’s share of official foreign-exchange reserves climbed to 21.2% from 20.5%, while the yuan’s rose to almost 2.3% from 2.1%. The renminbi accounted for 1.94% in the final three months of 2019.

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