Central banks shore up reserves against fallout from tariffs
Officials prepare to protect FDI and conduct FX interventions, Reserve Management Trends survey finds
Reserve managers view US trade policies as the most significant risk in 2025, the latest Reserve Management Trends survey has found.
Central Banking and HSBC’s annual survey of reserve managers was carried out between January and early March – before the first of US president Donald Trump’s tariff announcements on April 2. Nevertheless, of the 88 central banks that responded, 39 (44.3%) were already saying that US tariffs were their most pressing concern.
“Inflation and interest rates” was far
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