Reserves
Gold is a good diversification strategy for central banks – Nagel
Geopolitical and credit risks strengthen case for bullion as reserve asset, says Bundesbank president
Swap lines with PBoC outnumber those with ECB by factor of three
Benchmark respondent complains of limited access to dollar swaps
Washington is guarding against the wrong dollar threat
Brics nations did not launch a common currency in New Delhi. The payment networks they are building may matter more
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
Venezuela in talks to move gold from London to New York
Any agreement should be accompanied by reforms such as central bank independence, lawyer says
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
Dollar losing ‘convenience yield’ outside US – NBER paper
US-based investors favouring repo over Treasuries, authors find
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
Uzbekistan and Hong Kong formalise gold trade co-operation
Uzbek central bank stresses need to diversify country’s precious metals sector
Managers predict moderate AI impact on reserves
But many reserve managers see high future potential for AI
Bolivia’s central bank suspends dollar purchases
Institution says increasing HLAs gave it leeway to meet obligations and mitigate FX market pressure
Most central banks have plenty of import coverage
There is little common ground between respondents at high or low levels of coverage
China ups gold reserves by largest amount in nearly three years
Monthly increase is biggest since 2023 as PBoC’s holdings hit 76.7m troy ounces
Demand for excess reserves goes beyond price signals – BIS paper
Study shows drivers for banks include payment flow volatility and cost of borrowing
Staff strength and salary associated with size of reserves
Managers report greater satisfaction with non-staff resources than staffing levels
DNB moves North America-held gold, citing ‘geopolitical unrest’
Dutch central bank insists it has ‘excellent relationships’ with NY Fed and Bank of Canada
Central bank reserve managers unnerved by Treasury market woes
Officials are unsettled but constrained as US creditor base shifts to private hands