世界黄金协会：2023年中央银行黄金储备调查

2023CentralBankGoldReservesSurveyMay2023

2023CentralBankGoldReservesSurvey2

88%

84%

91%

97%

88%

83%

84%

59%

47%

43%

48%

41%

84%

77%

40%

43%

43%

34%

22%

25%

23%

18%

1

1

13%

13%

5%

1

7%

2%

5%

6%

13%

7%

2%

27%

9%

7%

7%

ExecutiveSummary

Followingahistoricalhighlevelofcentralbankgoldbuying,goldcontinuestobeviewedfavourablybycentralbanksasareserveasset.Accordingtothe2023CentralBankGoldReserves(CBGR)survey,whichwasconductedbetween7Februaryand7April2023withatotalof59responses,24%ofcentralbanksrespondentsintendtoincreasetheirgoldreservesinthenexttwelvemonths,inlinewithlastyear’sfindings.Theplannedpurchasesarechieflymotivatedbyincreasedbuyingofdomesticgoldproduction,rebalancingtoamorepreferredstrategiclevelofgoldholdings,andfinancialmarketconcernsincluding

highercrisisrisksandrisinginflation

(

Q7a,page22

).

TheseresultscomeamidstabackdropofongoinggeopoliticaltensionsasthewarinUkrainecontinuesandtheensuingmacroeconomicfalloutofprolongedinflationandtightermonetarypolicypersists.AddingtotheseconcernsisthebankingsectorcrisisintheUnitedStatesandEuropewhichbeganinearly2023.Therationaletoincreasegoldholdingsthereforecomesasnosurprisesince“interestratelevels”,“inflationconcerns”,and“geopoliticalrisks”continuetobetheleadingfactorsincentralbankers’reservemanagementdecisionsastheywerelastyear.Ontheotherhand,“concernsovercurrentorfuturepandemics”fellinrelevancefromlastyearasglobaleconomiesrecoveredfromtheCOVIDpandemic.

“Digitalcurrencies”alsodroppedinrelevancefromlastyearintheaftermathofmajorfalloutsinthedigitalassetspace(

Chart1

).

Chart1:Whattopicsarerelevantforyourreservemanagementdecisions?Selectallthatapply.

%

120

100

80

60

40

20

0

Interest

Inflation

Geopolitical

ESG

Shiftsin

ConcernsTechnologicalDigital

TheriseofDemographic

Other

ratelevels

concerns

instability

issues

global

economic

power

overcurrentinnovationcurrenciesorfuture

pandemics

populismchanges

2020202120222023

Base:Allcentralbanks(57),advancedeconomy(13),EMDE(44).

2023CentralBankGoldReservesSurvey3

TherecontinuestobeagulfinthinkingbetweenadvancedeconomyandEmergingMarketandDevelopingEconomy(EMDE)centralbanksonmanyissues.ThisdivergenceofviewsisperhapsmoststrikingintermsoftheoutlookfortheUSdollarandgold.Whereas54%ofadvancedeconomyrespondentsthinktheUSdollar’sshareofglobalreserveswillremainunchanged5yearsfromnow,only20%ofEMDErespondentssharethisview.While46%ofadvancedeconomyrespondentsbelievetheUSdollar’sshare

ofglobalreserveswillfall,58%ofEMDErespondentsbelieveitwilldoso(

Chart2

).

Whenaskedaboutgold’sfutureshareinglobalreserves,62%ofadvancedeconomyrespondentsthinkthatitwillremainunchanged5yearsfromnow,aviewsharedbyonly20%ofEMDErespondents.38%ofadvancedeconomyrespondentsthinkgold’ssharewillrisewhile68%ofEMDErespondentsbelieveitwill

doso.Infact,asmallproportionofEMDEcentralbanks

thinkthatgold’ssharewillriseabove25%(

Chart3

)while

norespondentsthoughtitwouldreachthatlevelinlastyear’ssurvey.EMDEcentralbanks,whichhavebeentheprimarydriverofgoldbuyingsincethe2008globalfinancialcrisis,appeartomorepessimisticabouttheUSdollar’sfutureandmoreoptimisticaboutgold’sfuture.

Chart2:USdollarsaccountedfor51%oftotalreserves(foreignexchangeandgold)inQ32022.

Whatproportionoftotalreserves(foreignexchangeandgold)doyouthinkwillbedenominatedinUSdollars5yearsfromnow?

%

2023

Greaterthan60%

TotalAdvancedEMDE

2023Base:Allcentralbanks(57),Advancedeconomy(13),EMDE(44).2022Base:Allcentralbanks(56),Advancedeconomy(13),EMDE(43).

50%51%

54%

46%

38%40%

38%

31%

30%28%28%

31%

20%

23%21%

18%

14%

4%5%0%

5%

0%

0%

5%

0%

3%4%0%

60

50

40

30

20

10

0

Lessthan40%

Between40-50%

Between52-60%

Unchanged

2023

2023

2023

2023

2022

2022

2022

2022

2022

7%

7%

Chart3:Goldaccountedfor15%oftotalreserves(foreignexchangeandgold)inQ32022.

Whatproportionoftotalreserves(foreignexchangeandgold)doyouthinkwillbedenominatedingold5yearsfromnow?Buyinggoldfromdomesticproductionreflectedinthesurveyfindings,33%citingthisfactorandtheyareallEMDE.

%

61%

64%59%

51%

38%

31%

30%30%29%

31%

20%

20%

8%

4%

2%

5%

0%

3%4%0%

3%4%

0%0%0%0%

2023

Greaterthan25%

TotalAdvancedEMDE

2023Base:Allcentralbanks(57),Advancedeconomy(13),EMDE(44).2022Base:Allcentralbanks(56),Advancedeconomy(13),EMDE(43)In2022,theresponsecategoriesforthisquestionwere“Lessthan10%”,“Between10-13%”,“Unchanged”,“Between15-25%”,and“Greaterthan25%”toreflectgold'sproportionintotalreservesatthattime.

70

60

50

40

30

20

10

0

Lessthan10%

Between16-25%

Unchanged

Between10-14%

46%

2023

2023

2023

2023

2022

2022

2022

2022

2022

16%

31%

7%

2023CentralBankGoldReservesSurvey4

Overall,centralbanksviewgold’sprospectsasareserveassetoverthenexttwelvemonthsslightlymorefavourablythanlastyear,with71%sayingthatglobalcentralbankgoldholdingswillriseinthe

nexttwelvemonthscomparedto61%lastyear

(

Chart4

).Comparedtolastyear,asimilarproportion

ofrespondents(24%)saytheyhaveplanstoincreasetheirowngoldholdingsinthenexttwelvemonths,although3%saytheyhaveplanstodecreasetheirgoldholdingscomparedto0%lastyear(

Chart5

).Itshould

benotedthatthisyear’ssurveydidnotincludethe“don’tknow”optioninthesequestions.

Chart4:Howdoyouexpectglobalcentralbankgoldreservestochangeoverthenext12months?

IncreaseRemainunchangedDecreaseDon'tknow

Base:Allcentralbanks(57),Advancedeconomy(13),EMDE(44).

“Don‘tknow“wasremovedasanoptioninthisyear'ssurvey.

5%4%

30%

28%

32%

2020

2023

2022

2019

2021

38%

54%

52%

75%

18%

61%

71%

8%

8%

11%

5%

2%

institution’sgoldreservestochange

IncreaseRemainunchangedDecreaseDon'tknow

Base:Allcentralbanks(57),Advancedeconomy(13),EMDE(44)

“Don‘tknow”wasremovedasanoptioninthisyear'ssurvey.

overthenext12months?

youexpectyour

Chart5:Howdo

72%

70%

20%

15%

2020

2023

2022

2019

2021

68%

24%

20%

25%

74%

57%

21%

8%

11%

4%

3%

3%

5%

2023CentralBankGoldReservesSurvey5

InternationalReserves

In2023,69%ofrespondentsreportedhighertotal

reservelevelsthanfiveyearsago,downslightlyfrom

74%reportedlastyear(

Q1a,page11

).Amongthefactors

thatinfluencereservemanagementdecisions,“interestratelevels”,“inflationconcerns”,and“geopoliticalrisks”continuetooccupythetopthreepositionsastheydidlastyear.Asnotedinprevioussurveys,adichotomy

ofattitudespersistsbetweenadvancedeconomyandEMDEcentralbanksintheirviewstowardssomeofthesefactors.Whilebothgroupswerealignedintheirviewstowardsthefirstthreefactors,otherfactorsresultedinsplitopinions.Comparedtotheiradvancedeconomypeers,EMDEcentralbanksaremoreconcernedby“shiftsinglobaleconomicpower”

andlessfocusedon“Environmental,Social,andGovernance(ESG)issues”(

Chart6

).

Chart6:Whattopicsarerelevantforyourreservemanagementdecisions?Selectallthatapply.

%

97%98%

92%

83%82%

69%

62%

59%58%

41%

40%

33%34%

27%

22%

15%

10%

2%2%0%

ConcernsTechnologicalDigital

overcurrentinnovationcurrencies

orfuture

pandemics

AllAdvancedEMDE

Base:Allcentralbanks(57),Advancedeconomy(13),EMDE(44).

TheriseofDemographicpopulismchanges

Shiftsin

global

economic

power

7%

0%

Geopoliticalinstability

5%

0%

Interest

ratelevels

Inflationconcerns

8%

5%4%

ESG

issues

Other

85%

13%

100

8%

0%

9%

7%

80

40

60

20

0

2023CentralBankGoldReservesSurvey6

Motivations

Morethan80%ofcentralbankssurveyedholdgoldaspartoftheirtotalinternationalreserves,apercentagethatislinewithpreviousresults.Gold’s“historicalposition”continuestobethetopreasonforcentralbankstoholdgold,with77%ofrespondentssaying

thatitishighlyrelevantorsomewhatrelevant.Thiswasfollowedbygold’s“performanceduringtimesofcrisis”

(74%),“long-termstoreofvalue/inflationhedge”(74%),“effectiveportfoliodiversifier”(70%),and“nodefaultrisk”(68%).Thesetopfivereasonsmirrorlastyear’sresults,withslightchangesinthepositioningforsomefactors(

Chart7

).

Chart7:Howrelevantarethefollowingfactorsinyourorganization'sdecisiontoholdgold?

Historicalposition

Performanceduringtimesofcrisis

Long-termstoreofvalue/inflationhedge

Effectiveportfoliodiversifier

Nodefaultrisk

Highlyliquidasset

Servesasageopoliticaldiversifier

Concernsaboutsystemicfinancialrisks

Servesasvaluablecollateral

Lackofpoliticalrisk

Domesticgoldproduction

Concernsaboutsanctions

Policytool

Anticipationofchangesinthe

internationalmonetarysystem

Partofde-dollarisationpolicy

HighlyrelevantSomewhatrelevantMarginallyrelevantNotrelevant

Base:Allcentralbanksthatholdgold(47),Advancedeconomies(11),EMDE(36).

Theresultsinthischartarerankedby“Highlyrelevant”plus”Somewhatrelevant.”

23%

8%

46%

28%

17%

9%

38%

19%

6%

30%

40%

26%

4%

40%

28%

15%

17

%

30%

32%

21%

30%

28%

23%

19%

19%

34%

17

%

34%

21%

11%

30%

28%

32%

64%

10%

9%

15%

66%

6%9%

53%

23%

62%

4%

4%

30%

62%

32%

36%

30%

54%

32%

15%

15%

15%

13%

17%

6%

6%

9%

2023CentralBankGoldReservesSurvey7

Historical

position

Performanceduring

timesofcrisis

Long-termstoreof

value/inflationhedge

Effectiveportfolio

diversifier

Nodefaultrisk

Highlyliquidasset

Servesasageopolitical

diversifier

Concernsabout

systemicfinancialrisks

Servesasvaluable

collateral

Lackofpoliticalrisk

Domesticgold

production

Concernsabout

sanctions

Policytool

Anticipationofchanges

intheinternational

monetarysystem

Partofde-

dollarisationpolicy

“Servesasageopoliticaldiversifier”wasaddedasaresponseinthisyear’ssurveyandcameinastheseventhmostrelevantfactorat58%.When

brokenintoadvancedeconomyandEMDEresponses(

Chart8

),EMDEcentralbanksrankedthisfactoras

morerelevant(EMDE:61%vs.advanced:45%).ThiscontinuesthethemeofEMDEcountriesvaluinggold’sstrategicroleamidstuncertaingeopoliticaltimes.

Thisdivergenceappearsinnearlyeveryfactorforholdinggold(

Chart8

),underscoringthedifferent

economicandstrategiccircumstancesfacedbybothgroupswhichfurthertranslateintotheirdifferingviewsongold’sroleintheirreserves.“Concernsaboutsanctions”,anotherresponsewhichwasaddedinthisyear’ssurvey,alsoexhibitedthisdifference(EMDE:25%vs.advanced:0%).

ManagingGoldReserves

Amongsurveyrespondents,83%managegoldseparatelyfromotherreserveassets,anuptick

comparedto76%lastyear(

Q9,page24

).Most

advancedeconomyrespondentsmanagegoldseparatelybecauseitisahistoricallegacyasset.ForEMDErespondents,though,61%reportthattheymanagegoldseparatelybecauseitisastrategicasset.Thosereportingthatgoldismanagedseparatelybecause“itisdifficulttoassessunderourvaluation

framework”isat5%,downslightlyfrom6%lastyearbut

significantlylowerthanprevioussurveyswhichshowed

thisanswertorangebetween30-40%(

Q9a,page24

).

Chart8:Howrelevantarethefollowingfactorsinyourorganization'sdecisiontoholdgold?

%

100%

89%

78%

69%

72%

75%

72%

64%

64%

61%

58%

47%

47%

45%

45%

36%

27%

27%

28%

18%

25%

18%19%19%

11%

0%0%0%0%0%

AdvancedEMDE

Base:Allcentralbanksthatholdgold(47),Advancedeconomies(11),EMDE(36).

100

90

80

70

60

50

40

30

20

10

0

2023CentralBankGoldReservesSurvey8

LondonGoodDelivery1barscontinuetobethemainstay,with79%buyinggoldinthatform,whilekilobarsanddoréweremuchlesspopular.Thisyear,aquarterofrespondentshaveconsideredupgrading

goldholdingsthatdonotconformtoGoodDelivery

standards,upfromone-fifthlastyear(

Q13,page27

).

Asmallproportionofcentralbanks(allEMDE

centralbanks)saytheywouldconsiderestablishingadomesticgoldpurchaseprogramme,andnineEMDEcentralbanks(thesamenumberaslastyear)statethattheyalreadyhavesuchaprogrammeinplace.Ofthesenine,onerefinesitsdomesticallypurchasedgoldatarefineryownedbythecentralbank,fiveataprivaterefineryoverseas,andoneatagovernment-ownedrefinery.ThemajorityoftheseEMDEcentral

banksalsopaythespotinternationalgoldpricefortheirgold(

Q17,page28

).

TheBankofEnglandcontinuestobethemostpopularstoragelocation,with53%ofrespondentsvaultingthere.Domesticstoragedeclinedslightlywith35%ofrespondentscitingitasthelocationoftheirgold,comparedto40%lastyear.90%ofrespondentsindicatetherehasbeennochangeintheircustodyarrangementsoverthelastyear,whiletheremaining10%preferrednottoanswer.77%donotexpect

achangeintheircustodyarrangementsoverthecomingyear(

Q20,page30

).

Theproportionofrespondentswhoactivelymanagetheirgoldreservesincreasedto33%thisyearfrom28%lastyear.Ofthe16respondentsthatactivelymanagetheirgold,11arecurrentlyactiveindepositsandanother2areconsideringbeingactiveindeposits.Forwardsandswaps(givinggoldascollateral)werethenextpopularformsofactivemanagement–forbothoftheseinstruments4respondentsindicatedthattheyarecurrentlyactive.

1ReferstogoldbarsthatmeettheGoodDeliverystandardssetbytheLondonBullionMarketAssociation:

.uk/good-delivery/about-good-delivery

2023CentralBankGoldReservesSurvey9

Conclusion

Thisyear’sCBGRsurveyindicatescontinuingcentralbankinterestingoldevenamongrecordlevelsofcentralbankactivityinthegoldmarket.Ongoinggeopoliticalconcernsandtheresultingimpactoninflation,interestrates,andmarketoutlookarecertainlyfrontofmindformanycentralbankers.EMDEcentralbanksinparticularhaveexpressedcontinuingconcernsabouttheimpactofgeopoliticsontheir

reservemanagementdecisions,withmanyvaluinggoldasawaytomanagetheserisks.Thefutureoftheinternationalmonetarysystemcontinuestobeinflux,withEMDEcentralbanksalsoexpressinglessconfidenceintheUSdollar’ssupremacythantheiradvancedeconomycounterparts.Inthefaceofthesetrendsandanever-changinginvestmentenvironment,centralbankgolddemandislikelytoremainrobust.

2023CentralBankGoldReservesSurvey10

Methodology

Forthesixthyearinarow,theWorldGoldCouncilhasworkedwithYouGovtoconductasurveyofcentralbanks.ThequestionnairewasprimarilydesignedbytheWorldGoldCouncilwithYouGovprovidingadditionaldesignconsultation.OncetheEnglishquestionnairewasapproved,itwastranslatedintofouradditionallanguages(Arabic,French,Russian,andSpanish)inordertomakethesurveyaccessibletoawideaudience.

ThequestionnairewasscriptedandsetuponYouGov’s

securesurveysystemandwasthoroughlytestedbeforefieldworkwaslaunched.TheWorldGoldCouncilwasgivenatestlinktoensureitwassatisfiedwiththewaythesurveyhadbeenimplemented.Unique,

anonymisedlinkswerethenprovidedtotheWorldGoldCounciltosendtotheircontactswithincentralbanksaroundtheworld.Centralbanksthatareunder

sanctionswerenotcontacted.Fieldworkwasconducted

between7Februaryand7April2023,withatotalof59eligibleresponses(aslightincreasefrom57lastyear)representinga38%responserateamongstallcentral

bankswhowerecontacted.

Datainthereportisshownatanoveralllevelbutisalsosub-dividedbyadvancedeconomycountriesandEmergingMarketandDevelopmentEconomy(EMDE)countriesasdefinedbytheIMF.

2023CentralBankGoldReservesSurvey11

DetailedResults

F1:Pleaseindicatewithinwhichregionyourinstitutionislocated.

59centralbanksrespondedwith22%fromadvancedeconomiesand78%fromEMDEcountries.

Europe(34%)

(42%in2022)

22%

Asia(17%)

(16%in2022)

Americas(19%)

(16%in2022)

Oceania(0%)

(2%in2022)

MiddleEast(8%)

(5%in2022)

Base:Allcentralbanks(59);Advancedeconomies(14);EMDE(36).

Africa(22%)(19%in2022)

AdvancedEMDE

78%

Q1a:Isyourinstitutionholdingahigherleveloftotalreserves(foreignexchangeandgold)nowthanitwas5yearsago?

Theproportionofcentralbanksholdingahigherleveloftotalreservesnowthan5yearsagohasdipped,followingthelast2years’reboundfromthelowin2020whenreservesweredeployedtomitigatetheimpactofCOVID-19.ThereisadivergencebetweenadvancedeconomycentralbanksandEMDEcentralbanks,withtheproportionofadvancedeconomycentralbanksresponding“yes”increasingsignificantlythisyearfromlastyear.

Proportionof"yes"responses%

100

Allcentralbanks

20192020202120222023

Base:Allcentralbanks(59);Advancedeconomies(14);EMDE(36).

82%

75%

74%

69%68%

71%72%

64%

55%55%

62%

53%

53%

46%

90

80

70

60

50

40

30

20

10

0

Advancedeconomies

EMDE

69%

2023CentralBankGoldReservesSurvey12

4%

Q1b:Pleaseindicatethereasonforanychangeinyourinstitution'sleveloftotalreserves

(foreignexchangeandgold)comparedto5yearsago.Selectallthatapply.

“Capitalgainsorlossesontotalreserves”isthemostrelevantreason,while“duetobalanceofpaymentschanges”issecond.Aclosethirdis“monetarypolicyconsiderations”.

%

46%46%

39%

37%

37%

36%

32%32%

32%

26%

24%

25%

24%

25%

21%

20%

20%

14%

11%

12%

9%

7%

Asaconsequence

ofadomestic

goldpurchase

programme

20192020

Base:Allcentralbanksholdingahigherleveloftotalreservesthan5yearsago(41).

*Thereasonswhichrespondentslistedunder“Others”include“inflationhedge,”“localmarketinterventions,”

“SpecialDrawingRightsallocation,”“IMFloansanddisbursements,”and“strategicassetallocation.”

“Capitalgainsontotalreserves”and“Asaconsequenceofadomesticgoldpurchaseprogramme”wereaddedasoptionsin2022.

Asaconsequence

ofexchange

ratepolicy

Duetobalance

ofpayments

changes

50

45

40

35

30

25

20

15

10

5

0

Capitalgainsontotalreserves

Monetarypolicyconsiderations

Prefernottoanswer

20212022

2023

Others*

43%

18%

13%

Q1c:Whattopicsarerelevantforyourreservemanagementdecisions?Selectallthatapply.

Similartolastyear,“Interestratelevels”isthemostrelevanttopic,followedby“inflationconcerns”andthen“geopoliticalinstability”.“Concernsovercurrentorfuturepandemics”fellinrelevancefromlastyearasglobaleconomiesrecoveredfromtheCOVIDpandemic.“Digitalcurrencies”droppedinrelevancefromlastyearintheaftermathofmajorfalloutsinthedigitalassetspace.

Responsesbyyear,allcentralbanks(2019-2023)

%

120

100

80

60

40

20

0

%

97%

88

84%

91

88

83%

84%

22%

25%

2

18%

%

%

3%

3%

%

27%

10

1

1

5%

10

7%

2%

5%

6%

1

7%

2%

9%

7%

7%

Interest

Inflation

Geopolitical

ESG

Shiftsin

ConcernsTechnologicalDigital

TheriseofDemographic

Other

ratelevels

concerns

instability

issues

global

economic

power

overcurrentinnovationcurrenciesorfuture

pandemics

populismchanges

2020202120222023

Base:Allcentralbanks(58);Advancedeconomies(13);EMDE(45).

Thisquestionwasnotaskedin2019.”Inflationconcerns“and”geopoliticalinstability“wereaddedasoptionsin2022.

”Concernsovercurrentorfuturepandemics“wasaddedasanoptionin2021.

47%

84%

40%

59%

43%

43%

43%

77%

41%

3%

48

%

%

%

10

3

2023CentralBankGoldReservesSurvey13

Responsesbycentralbankclassification,allcentralbanks(2023)

%

97%98%

92%

85%

83%82%

69%

62%

59%58%

41%

40%

33%34%

27%

22%

15%

10%

0%

ConcernsTechnologicalDigital

overcurrentinnovationcurrencies

economic

power

AllAdvancedEMDE

Base:Allcentralbanks(58);Advancedeconomies(13);EMDE(45).

TheriseofDemographicpopulismchanges

7%

0%

orfuturepandemics

Geopoliticalinstability

Interest

ratelevels

Inflationconcerns

Shiftsin

global

8%

5%4%

2%2%0%

ESG

issues

Other

13%

100

8%

0%

9%

5%

7%

80

40

60

20

0

Q2:ReserveCurrencyComposition

Allrespondentswereshownthechart(below)detailingthecompositionoftotalreserves(foreignexchangeandgold)asoftheendofQ32022.Respondentswerethenaskedaboutwhatproportionoftotalreserves(foreignexchangeandgold)theyexpecttobedenominatedinUSdollars,euros,Chineserenminbi,andgoldinfiveyears’time.

USdollar

Euro

Others

Gold

Chineserenminbi2%

BasedonQ32022IMFCOFERdatawithgoldaddedintothetotal,calculatedexcludingunallocatedreserveassets.

Source:IMFCOFERandWorldGoldCouncil

51%17%

15%

15%

2023CentralBankGoldReservesSurvey14

Q2aUSD:USdollarsaccountedfor51%oftotalreportedreserves(foreignexchangeandgold)inQ32022.Whatproportionoftotalreserves(foreignexchangeandgold)doyouthinkwillbedenominatedin

USdollars5yearsfromnow?

55%ofrespondentsexpecttheUSdollartodeclineasaproportionoftotalreservesinthenext5years,upfrom42%lastyear.Similartolastyear,EMDEcentralbanksarelessoptimisticontheroleoftheUSdollar,with58%expectingtheUSdollartodeclineinproportion,ascomparedto46%ofadvancedeconomycentralbanks.

%

54%

50%

46%

28%

20%

18%

14%

5%

7%

0%

0%

3%

4%

0%

Lessthan40%Between40-50%UnchangedBetween52-60%Greaterthan60%

TotalAdvancedEMDE

Base:Allcentralbanks(58);Advancedeconomies(13);EMDE(45).

51%

40

60

50

30

20

10

0

SelectcommentsfromrespondentsprovideadditionalinsightintotheirviewsoftheUSdollar:

“Withothercountriesbecomingmoreimportantontheglobalstage,investmentsintheUSwillbecomeslightlylessthantheyarenow.Increasingtransparencyandliquidityinthosemarketeconomies

willalsocontributetothis.”

“TheUSdollarisfarandlargestillthedominantreservecurrency.Itisstillshieldedbythetacticalgeopoliticalweight.”

“ThetrendoverthepastfewdecadeshasbeenforcountriestodiversifytheirreserveholdingsandreducetheirdependenceontheUSdollar.Manycentralbankshavebeenactivelydiversifyingtheirreservesbyincreasingtheirholdingsofothercurrencies,suchastheeuro,yen,andChineseyuanaswellasgold.”

2023CentralBankGoldReservesSurvey15

Q2bEURO:Eurosaccountedfor17%oftotalreportedreserves(foreignexchangeandgold)inQ32022.Whatproportionoftotalreserves(foreignexchangeandgold)doyouthinkwillbedenominatedineuros5yearsfromnow?

38%ofrespondentsexpecttheEurotodeclineasaproportionoftotalreservesinthenext5years,downslightlyfrom43%lastyear.EMDEcen