Reserves benchmarks – the latest data and analysis
Reserves
Reserve Benchmarks 2025 report – tariff realignment?
Benchmarks show how some central banks are cutting US dollar exposure and raising duration
The Reserve Benchmarks 2025 report reveals the beginnings of a response to US tariff announcements by some reserve managers. There is evidence of a shift out of dollars and into euros for some banks, while others have changed duration or the location of their assets in response to tariffs. Even so, the vast majority of respondents have so far not adjusted portfolios in response to tariffs, and more moved into the dollar than out of it.
Charts
Currency shifts
Many central banks made changes to their currency exposures in the past year. There was no agreement about the direction of travel with the US dollar, as almost equal proportions of respondents moved into the dollar and out of it. However, the euro and non-SDR currencies saw increased interest from central banks, on balance.
Model banks analysis – Reserves 2025
Explore key differences between central banks across economy groups
Reserves data
View the full breakdown of responses to the Reserves Benchmarks.
Previous years
Reserves 2026
Reserves 2025
Reserves 2024
Reserves 2023
Reserves 2022
Reserves 2021
Reserves 2020
Swap lines with PBoC outnumber those with ECB by factor of three
Benchmark respondent complains of limited access to dollar swaps
Reserves Benchmarks 2026 Charts
Take a deep dive into the Reserves Benchmarks charts, which have just been released for 2026
Banks compete with official sector for reserve manager market share
External allocations increased modestly, but preferences have been reshuffling
Quarter of central banks adjusted reserves strategy after tariffs
Managers mostly adjusted duration; most change comes from Asia-Pacific
Third parties manage roughly one-sixth of reserves
Compensation for external asset managers takes different forms across jurisdictions
Four-fifths of central banks review strategic asset allocation annually
Approach tends to be more pronounced among smaller reserves holders
ESG gap between advanced and emerging economies narrows
ESG bond allocations are slightly down overall, but EMDEs are catching up
Foreign exchange interventions jump 71% year on year
One in four central banks uses derivatives for FX intervention
Investment tranches account for half of reserves
Just one-fifth of central banks lack tranching mechanisms
Central bank gold reserves ramping up
Equities also on the rise, but remain idiosyncratic
Larger reserve holders operate longest portfolio duration
Duration among respondents holds steady at around two years, on average
Reserves exposure to non-SDR sovereign debt increases
US Treasuries and gold remain the most prominent asset classes