Central banks boost gold holdings amid FX concerns
Survey reveals concerns around ‘weaponization’ of FX.
by Naomi Tajitsu and Jack Ryan
The “weaponization” of foreign exchange is posing a growing headache for central bank reserve managers, giving them more reason to boost their holdings of gold.
The share of managers who regard the geopolitical weaponization of FX reserves as an investment risk increased sharply to 49% in 2025 from 32% last year,
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