European central banks shift reserves from US Treasuries to euro assets
US Treasuries still make up largest share of respondents’ reserves globally
European central banks’ average share of investments in US Treasuries declined year on year, but their holdings in eurozone sovereign debt grew, the Reserve Benchmarks 2025 find.
Among European respondents, the share of central banks’ foreign exchange reserve invested in US Treasuries decreased to an average of 14.5% from an average of 24.9% in the 2024 benchmark. Respondents’ allocation to eurozone sovereign debt rose to 27.7% on average, up from an average of 16.2% in 2024. Samples in each
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