Behind Closed Doors: Half of Central Banks Secretly Intervene in Currency Markets

Published: 04-14-2025, 05:30 pm | Updated: 04-14-2025, 11:35 am

The 21st annual Central Banking survey, sponsored by HSBC, has revealed that currency market intervention by central banks is far more common than publicly acknowledged. Half of the 84 responding central banks, collectively managing $7.1 trillion, confirmed they had intervened in currency markets within the past year.

The survey also found that central banks are likely to increase their gold holdings, with 37.5% planning to boost allocations.

Despite rising prices, gold remains attractive to central banks, with 37.5% planning to increase their allocations to the precious metal. Notably, while no central banks reported holding cryptocurrencies, 12% acknowledged that digital currencies are becoming more credible as an asset class.