Working group minutes: Cautious exit from dollars
Central banks are contemplating gold, emerging market assets and equities to diversify
Reserve managers continue to look for ways to reduce their exposure to the dollar but are struggling to find reliable alternatives, Central Banking’s latest interbank working group heard.
Faced with high government debt in the US and increased geopolitical risk more broadly, managers are trying to diversify into a wider range of assets. Overall, though, the movement away from the greenback is slow, as recent data from the International Monetary Fund confirmed.
Participants at the working group
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: www.centralbanking.com/subscriptions
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Reserves
The risks and returns of ever-expanding swap and repo lines
Increase in central bank swap agreements and repo facilities should help to counter future liquidity squeezes. But the proliferation is fraught with political risk
Reserve Benchmarks 2026 – model banks analysis
Additional data breakdowns shed light on AI use, liquidity lines and FX interventions
Reserve Benchmarks 2026 – executive summary
Data reveals diversification trend and sheds light on AI use in reserves management
Reserve Benchmarks 2026 report – investing in uncertain times
Benchmarks highlight trend towards diversification, AI use and a modest response to tariffs
Swap lines with PBoC outnumber those with ECB by factor of three
Benchmark respondent complains of limited access to dollar swaps
Reserves Benchmarks 2026 Charts
Take a deep dive into the Reserves Benchmarks charts, which have just been released for 2026
Banks compete with official sector for reserve manager market share
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