Quarter of central banks adjusted reserves strategy after tariffs
Managers mostly adjusted duration; most change comes from Asia-Pacific
US trade tariffs have not broadly impacted central banks’ reserve management strategies, data from the Reserve Benchmarks 2026 reveals.
Fifty-seven of 76 central banks answering the question of whether they have changed tack after US trade tariffs were imposed on almost all countries in the world responded with “no”, whereas 19 said “yes”. Thirteen adjusted their duration, five changed asset classes, another five changed currencies, and one changed counterparties. Six reported movements in more
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More on Reserves
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