The world's central banks were net sellers of US assets in March for the first time since September 2002, according to figures that may hint that the recent rebound in the dollar will be temporary.

Central banks sold a net $14.4bn in US assets during the month, the largest sale since August 1998, the US Treasury revealed. Asian central banks, however, continued to accumulate reserves, with their stockpiles rising by about $30bn over the month.