Reserves 2026
Swap lines with PBoC outnumber those with ECB by factor of three
Benchmark respondent complains of limited access to dollar swaps
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
ESG bond allocations are slightly down overall, but EMDEs are catching up
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
Central bank gold reserves ramping up
Equities also on the rise, but remain idiosyncratic
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
US dollar continues to dominate central bank FX reserves
Nearly all central banks hold dollars, but emerging market reserve managers have the highest allocations
Managers predict moderate AI impact on reserves
But many reserve managers see high future potential for AI
Most central banks have plenty of import coverage
There is little common ground between respondents at high or low levels of coverage
Staff strength and salary associated with size of reserves
Managers report greater satisfaction with non-staff resources than staffing levels