Central banks are looking towards the renminbi to diversify their foreign currency holdings in a sign that geopolitical flare-ups could chip away at the dollar’s dominance.
The proportion of central bank reserve managers that have invested in, or are interested in investing in, the renminbi increased to 85 per cent this year, from 81 per cent last year, according to an annual survey by UBS of 30 leading central banks conducted between April and June 2022.
“We’re seeing a gradual erosion of the dollar,” said Massimiliano Castelli, head of strategy for global sovereign markets at UBS. “The picture that emerges is one of a multipolar currency system.”
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