Most reserve managers continue holding medium-term Treasuries
Central banks from Asia-Pacific and Europe increase US dollar asset holdings outside the US
Most central bank reserve managers are continuing to hold medium-term US Treasuries in their portfolio, the Reserve Benchmarks 2025 reveal.
This year’s benchmark received 27.5% more responses compared with 2024 to the question of whether central banks held a majority of long-, medium-, or short-term US Treasuries. Bonds with two- to 10-year maturities continue to be reserve managers’ favoured options, with short-term bills coming in second.
Reserve managers also left the location of their US
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com test test test
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com test test test
More on Reserves
Working group minutes: rethinking dollar reserves
Central banks are seeking ways of mitigating geopolitical risk while maintaining dollar exposures
Reserve Benchmarks 2025 – model banks analysis
Data breakdowns shed further light on asset allocations, staffing and strategy
Reserve Benchmarks 2025 – executive summary
Data reveals how central banks are responding to tariffs – or choosing not to
Reserve Benchmarks 2025 report – tariff realignment?
Benchmarks show how some central banks are cutting US dollar exposure and raising duration
Reserves Benchmarks 2025 Charts
Take a deep dive into the Reserves Benchmarks charts, which have just been released for 2025.
Reserve managers name top bank counterparties and asset managers
Citi receives most votes as banker to reserve managers and World Bank is top asset manager
World Bank Ramp membership stronger among smaller teams
Share of central banks participating in network rises year on year
Central banks on average intervened in FX markets 21 times in past year
Minority of respondents expanded access to swap lines