Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
This annual survey of reserve managers was conducted by Central Banking Publications from January through to early March 2025. The survey, which is the 21st in the annual HSBC Reserve Management Trends series, was made possible by the support and co-operation of the reserve managers who take part in it. They contributed on the condition that neither their names nor those of their central banks would be mentioned in this report.
Summary of key findingsUS protectionist policies were the mostOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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