That appeared to be because part of the reserves are held in euro-denominated and yen-denominated bonds, and the euro and yen strengthened against the dollar last month.

这看来是因为外汇储备的一部分是以欧元和日元计价的债券，而欧元和日元在上个月相对美元走强。

youdao

If the dollar keeps dropping, stocks and bonds priced in euros, yen, rubles or shekels will tend to become more valuable; anything denominated in foreign currency will then buy more dollars.

如果美元继续下行，以欧元、日圆、卢布或以色列谢克尔计价的股票和债券会变得更有价值，那么以外币计价的任何资产都将能购买更多的美元。

youdao

The difference is that the flaky-currency players don't buy dollar-denominated bonds and don't buy longer-term paper.

FORBES: Russian Roulette Investing

The fund has 40 percent of its fund in Mexican equities or dollar denominated bonds.

FORBES: Why Investors Love Mexico

The country cannot continue borrowing at today's rates: PDVSA's latest dollar-denominated bonds pay a 12.75% coupon.

ECONOMIST: Venezuela's economy