HSBC Reserve Management Trends 2026
HSBC Reserve Management Trends 2026
Robert Pringle and Joasia E. Popowicz
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How are geopolitical risks affecting reserve management? Are central banks planning to buy more gold? How do they view the impact of inflation, stablecoins and AI? These are some of the questions addressed in HSBC Reserve Management Trends 2026.
The 22nd edition features a survey of 101 central banks, responsible for more than $9.5 trillion in reserves. This year includes exclusive data on foreign exchange interventions and whether the US dollar is still considered the world’s safe-haven currency. There are also detailed breakdowns of central banks’ approaches to investing in over 20 currencies.
Edited by Robert Pringle and Joasia E. Popowicz, the book includes exclusive interviews with Zafar Parker, from the South African Reserve Bank, and Edna C Villa, from the Central Bank of the Philippines. It also features chapters written by Ricardo da Costa Martinelli, from the Central Bank of Brazil, on geopolitical shifts and the evolution of reserve management, and Rahmatullah Sjamsudin, from Bank Indonesia, on reinventing reserve management in a fragmented global financial system.
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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
Glossary
Executive summary
1 Trends in reserve management: 2026 survey results – Joasia E. Popowicz
2 Digital assets in 2026: key issues in play – Daragh Maher
3 Geopolitical shifts and the evolution of reserve management: adapting to a new reality – Ricardo da Costa Martinelli
4 Reinventing reserve management: governance, risk and agility in a fragmented global financial system – Rahmatullah Sjamsudin
5 Zafar Parker on 25 years of reserve management at the South African Reserve Bank – Joasia E. Popowicz
6 Interview: Edna C Villa –Joasia E. Popowicz
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics