The 21st annual Central Banking survey, sponsored by HSBC, shows that currency market intervention by central banks is more widespread than commonly acknowledged. Of the 84 central banks that responded—together overseeing $7.1 trillion in reserves—half said they had intervened in foreign-exchange markets during the past year.
The survey also indicates a notable shift in reserve management: 37.5% of respondents plan to increase their gold holdings. Despite the rise in gold prices, central banks continue to view the metal as a strategic reserve asset and many intend to boost their allocations.
Meanwhile, no central bank reported holding cryptocurrencies in official reserves. Still, 12% of those surveyed said digital currencies are gaining credibility as an asset class, suggesting growing interest in how digital assets might fit into future reserve strategies.