1、GLOBAL PUBLIC INVESTOR 2025SHAKING FOUNDATIONSReserve management in a volatile worldIf you want a strong future:Lets create it together.As one of Germanys leading banks,DZ BANK draws on 150 years of experience to drive innovation every single day.Our goal is to shape tomorrows opportunities together

2、 with our clients and build a solid foundation for their success.Learn more about our approach at The DZ BANK building in Berlin by Frank O.Gehry STRONGFUTURE OMFIF.ORG3CONTENTS5ForewordTHE EVOLUTION OF DIVERSIFICATION Diversification has always been a goal for official institutions.Now it is taking

3、 on a different guise.By Nikhil Sanghani,OMFIF7Executive summary/Key findingsSHAKING FOUNDATIONSRising geopolitical risk prompts diversification and risk management10Chapter 1:Macroeconomic environmentPROTECTING THE VAULT In an increasingly fractured world,reserve management has become a balancing a

4、ct of diversification and stability18Chapter 2:Currency compositionDOLLAR STILL TRUMPS OTHER CURRENCIES Central banks are looking to diversify their currency holdings but see few viable challengers to the dollar26In-focus:GoldALL THAT GLITTERS IS GOLD Rising demand among central bank reserve manager

5、s as economic uncertainty boosts golds appeal30Chapter 3:Asset allocationPLAYING IT SAFE Structural volatility prompts a risk-off approach38Chapter 4:Pension funds and Sovereign fundsPUBLIC FUNDS IN WAIT-AND-SEE MODE Geopolitical risk and market volatility prompt funds to hit pause 44DatabankTHE NUM

6、BERS BEHIND THE TRENDS A closer look at international reserve trends in each region and global rankings of central banks55MethodologyGLOBAL PUBLIC INVESTOR 202510182630384OMFIF GLOBAL PUBLIC INVESTOR 2025Xxxxxx chapter titleAUTHORSNikhil Sanghani Managing Director,Economic and Monetary Policy Instit