HSBC Reserve Management Trends 2023
First published:
ISBN: 978 1 78272 991 4
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Appendix 2: Survey responses and comments
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
Below are comments provided by reserve managers to the survey questions.
1. Which in your view are the most significant risks facing reserve managers in 2023?
As high-rated government bonds are the main reserve assets, we consider the factors that affect their yields as the main risk factors for reserve managers. Above-target inflation is one of the main risk factors, as the stickiness of such inflation rates will be decisive in where and when the major central banks stop the tightening cycle. Here, inflation expectations, wage growth and geopolitical tensions come to the forefront as the
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