HSBC Reserve Management Trends 2025
HSBC Reserve Management Trends 2025
Robert Pringle and Joasia E. Popowicz
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HSBC Reserve Management Trends 2025
What are the most significant risks reserve managers face in 2025? How are reserve managers incorporating geopolitical risk into their portfolios? Does AI have a place in reserve management operations? These are some of the questions addressed in HSBC Reserve Management Trends 2025.
This 20th anniversary edition features its largest ever survey of 91 central banks responsible for more than $7 trillion in reserves.
Edited by Robert Pringle and Joasia E. Popowicz, the book includes an exclusive interview with Jonas Stulz, head of portfolio management and deputy head of asset management at the Swiss National Bank, and chapters written by: Min Soo Kwon, director general of the reserve management group at the Bank of Korea; Michał Zajac, who serves on the Risk and Investment committees at the National Bank of Slovakia and the Risk Management Committee of the European Central Bank; as well as Juliusz Jabłecki, director of the financial risk management department at the National Bank of Poland, with colleagues Paulina Domagalska, Maciej Pomykała and Navdeep Singh.
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About the Author
Edited by Robert Pringle and Joasia E. Popowicz
Robert Pringle is chairman of Central Banking Publications. Before
starting Central Banking, Robert was for several years editor of The Banker,
and subsequently was closely associated with the establishment of the
well-known think-tank the Group of Thirty, where he served for seven years as
the first executive director, based in New York. He was also for three years a
senior fellow at the United Nations institute WIDER, in Helsinki.
Joasia E. Popowicz is the associate editor and fintech correspondent at Central Banking. Previously, Joasia worked as a data journalist across Risk Quantum and Central Banking. She was a data journalism fellow at the Brown Institute for Media Innovation and Enigma, a fintech in New York. The Brown Institute is a joint initiative between Stanford University and Columbia University that funds projects at the intersection of journalism and technology. Joasia graduated with an MS in investigative journalism from the Toni Stabile Center for Investigative Journalism at Columbia Journalism School.
Table of contents
Contributors xv
Glossary xix
Executive summary xxi
1 Trends in reserve management: 2025 survey results Joasia E. Popowicz
2 Fiscal divergence and its implications for reserve managers Martin Soler, Luther Bryan Carter, Dominic Bryant and Maulshree Saroliya
3 Foreign direct investment inflows and FDI screening policies Aditya Gaiha and Indrani Manna
4 Interview: Juliusz Jabłecki Joasia E. Popowicz
5 Is the central bank gold rush over? Levente Koroes
6 Market sentiment analysis in reserve management Isabel Vasconcelos and Marisa Soares
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics