A survey of 75 central banks shows a major shift away from the US dollar. Following President Trump’s April 2 tariffs, central banks are rapidly diversifying their $5 trillion in reserves.
Gold is the biggest winner—40% of banks plan to increase holdings over the next decade, adding to already record purchases.
The dollar dropped from first to seventh place in investment preferences, with 70% of banks citing US politics as a deterrent.
The euro is rebounding and could reach 25% of reserves by 2030, while China’s yuan is expected to triple its share to 6%.
For the first time since 2008, reserve managers are questioning whether the dollar remains a safe haven.