The graph is a line chart titled "Factors Contributing to US Dollar Appreciation, 2011–19." Between December 2010 and December 2019, the US dollar appreciated by 22.5 percent against a basket of advanced foreign currencies. Foreign investors’ net savings accounted for appreciation of 8.7 percent, shifts in investor asset demand 9.3 percent, relatively tight US monetary policy 5.8 percent, and central bank reserve holdings -1.3 percent. Source: Researchers' calculations using the IMF CPIS and Treasury TIC databases and other sources.