Reserve Benchmarks 2026 report – investing in uncertain times
Benchmarks highlight trend towards diversification, AI use and a modest response to tariffs
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Global financial markets continue to be marked by high levels of uncertainty, due largely to geopolitical events – the effects of the war in Ukraine are still being felt, and have been joined by the impact of tariffs imposed by the US and a US-led war in the Middle East.
This backdrop seems to be reflected in the decision-making of reserve managers, even if many say they have not directly responded to events such as the imposition of tariffs
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Reserves Benchmarks 2026 Charts
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External allocations increased modestly, but preferences have been reshuffling
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
ESG gap between advanced and emerging economies narrows
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Foreign exchange interventions jump 71% year on year
One in four central banks uses derivatives for FX intervention