“Nobody is suggesting [central banks] sell dollars, but all they have to do is buy fewer dollars and that will put downward pressure on the dollar,” said Tony Norfield, global head of foreign exchange strategy at ABN Amro.

One senior strategist at a large bank said: “I don't think the market has been reassured. Diversification has to be on the agenda, central banks just don't want to make a song and dance about it.” The BoK told the FT that around 70 per cent of its $200bn of forex reserves were invested in dollar-denominated assets.