HSBC Reserve Management Trends 2023
First published:
ISBN: 978 1 78272 991 4
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The role of gold in central bank reserves
James Steel
Executive summary
Trends in reserve management: 2023 survey results
The role of gold in central bank reserves
Will the dollar remain the world’s reserve currency?
Interview: Golan Benita
Reserve management at the BCB
NDF interventions in Latin America
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics
A long history
Gold is enjoying something of a renaissance among central banks. Central banks are accumulating gold at a pace not seen since the last years of the Bretton Woods system in the late 1960s. We take a look at the drivers of this surge in demand, and whether it could continue.
Bretton Woods was an international agreement designed to keep the US dollar pegged to gold, and other currencies pegged to the US dollar. The system worked until there was a run on US gold reserves in the late 1960s, with massive amounts of gold moving from the US to European central banks as the US ran up
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