Reserves benchmarks – the latest data and analysis
Reserves
Reserve Benchmarks 2026 report – investing in uncertain times
Benchmarks highlight trend towards diversification, AI use and a modest response to tariffs
Global financial markets continue to be marked by high levels of uncertainty, due largely to geopolitical events – the effects of the war in Ukraine are still being felt, and have been joined by the impact of tariffs imposed by the US and a US-led war in the Middle East. This backdrop seems to be reflected in the decision-making of reserve managers. Overall there has been a trend towards diversification and into safe haven assets such as gold.
Charts
Cross-border liquidity
A significant share of the 81 central banks that responded to the reserve benchmarks do not have access to a cross-border liquidity line in any major currency. Dollar lines are the most common, but even here close to 60% of central banks are excluded.
The benchmarks this year include data on both swap lines and repo. The data shows that while US dollar and euro liquidity is almost evenly split between swaps and repo, renminbi liquidity is exclusively offered through swap lines.
Model banks analysis – Reserves 2026
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
The risks and returns of ever-expanding swap and repo lines
Increase in central bank swap agreements and repo facilities should help to counter future liquidity squeezes. But the proliferation is fraught with political risk
Reserve Benchmarks 2026 – model banks analysis
Additional data breakdowns shed light on AI use, liquidity lines and FX interventions
Reserve Benchmarks 2026 – executive summary
Data reveals diversification trend and sheds light on AI use in reserves management
Reserve Benchmarks 2026 report – investing in uncertain times
Benchmarks highlight trend towards diversification, AI use and a modest response to tariffs
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