Central banks cut dollar holdings amid risks

A recent survey has revealed that global central banks are planning for the first time in years to reduce their US dollar reserves over the next decade, amid rising political risks and geopolitical tensions related to the currency. The survey indicated that 79% of central banks and 60% of sovereign funds believe the international monetary system is heading towards multipolarity, with increasing interest in non-traditional currencies such as the Norwegian krone and the British pound. Meanwhile, their holdings of the euro and the yuan continue to expand despite structural challenges. The report also showed that gold remains one of the top assets that banks are looking to increase their holdings of, with 30% intending to raise their allocations in light of growing reliance on it as a hedge.

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