FX reserve managers around the world expect to shift their holdings towards the Chinese yuan in the long term, as of 2023. Nearly 40 percent of central banks surveyed in 2023 planned to increase their currency reserves with renminbi. The source adds this was especially true for regions that relied on China's economy, such as Asia-Pacific and Sub-Saharan Africa. Asset diversification was another reason for central banks to invest more in the currency.
Share of central banks worldwide who expect to increase their reserves in U.S. dollar or other currency holdings in the next 10 years as of 2023
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central banks with international reserves of close to five trillion U.S. dollars; Departments including reserve management, financial markets and economic research
Supplementary notes
This question was phrased by the source as follows: "Over the next 10 years, do you anticipate increasing, reducing or maintaining your exposure to the following currencies?"
The source does not specify the type of survey conducted.
The source adds the following geographical information on its 75 respondents:
Europe: 28;
Asia-Pacific (APAC): 16;
Sub-Saharan Africa: 14;
Latin America and the Caribbean (LAC): 12;
Middle East and North Africa (MENA): 4;
North America: 1.
The source does not explicitly state from which exact countries the respondents are from.
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Official Monetary and Financial Institutions Forum, & Statista. (July 31, 2023). Share of central banks worldwide who expect to increase their reserves in U.S. dollar or other currency holdings in the next 10 years as of 2023 [Graph]. In Statista. Retrieved July 11, 2024, from https://www.statista.com/statistics/1396168/long-term-reserve-currency-diversification-outlook/
Official Monetary and Financial Institutions Forum, und Statista. "Share of central banks worldwide who expect to increase their reserves in U.S. dollar or other currency holdings in the next 10 years as of 2023." Chart. July 31, 2023. Statista. Accessed July 11, 2024. https://www.statista.com/statistics/1396168/long-term-reserve-currency-diversification-outlook/
Official Monetary and Financial Institutions Forum, Statista. (2023). Share of central banks worldwide who expect to increase their reserves in U.S. dollar or other currency holdings in the next 10 years as of 2023. Statista. Statista Inc.. Accessed: July 11, 2024. https://www.statista.com/statistics/1396168/long-term-reserve-currency-diversification-outlook/
Official Monetary and Financial Institutions Forum, and Statista. "Share of Central Banks Worldwide Who Expect to Increase Their Reserves in U.S. Dollar or Other Currency Holdings in The next 10 Years as of 2023." Statista, Statista Inc., 31 Jul 2023, https://www.statista.com/statistics/1396168/long-term-reserve-currency-diversification-outlook/
Official Monetary and Financial Institutions Forum & Statista, Share of central banks worldwide who expect to increase their reserves in U.S. dollar or other currency holdings in the next 10 years as of 2023 Statista, https://www.statista.com/statistics/1396168/long-term-reserve-currency-diversification-outlook/ (last visited July 11, 2024)
Share of central banks worldwide who expect to increase their reserves in U.S. dollar or other currency holdings in the next 10 years as of 2023 [Graph], Official Monetary and Financial Institutions Forum, & Statista, July 31, 2023. [Online]. Available: https://www.statista.com/statistics/1396168/long-term-reserve-currency-diversification-outlook/
