UK official reserves Dec report now out from the BOE 5 Jan
The change might seem extreme on first sight but not uncommon in what has essentially been a +/-$2bln contained range.
More detail (and 58 pages of it!) here
The UK's official holdings of international reserves comprise gold, foreign currency assets, International Monetary Fund (IMF Special Drawing Rights (SDRs), and the UK's Reserve Tranche Position (RTP) at the IMF.
With the exception of the RTP, these reserves are held in a government account administered by Her Majesty's Treasury (HMT) which is known as the Exchange Equalisation Account (EEA) created in 1932.
Meanwhile GBPUSD higher at 1.2311 after better UK services PMI but limited response so far with markets expecting a better number. EURGBP testing support/demand between 0.8525-30
