The Dutch Central Bank published research, based on its own data and International Monetary Fund figures, showing that global reserve holdings are becoming more diversified. The US dollar remains the leading reserve currency, but its share of global foreign exchange reserves fell from about 57% in 2016 to around 40% at end-2025. The euro remained broadly stable at about 14%, indicating that the shift has mainly gone to other assets and smaller currencies rather than to the euro. Gold has gained importance alongside that currency diversification. Global gold holdings in reserves rose by about 20% since 2009, from 30,500 tonnes to more than 36,500 tonnes in 2025, and higher gold prices lifted its share to about 25% of reserves at end-2025, making it the second most important reserve asset since early 2024. Less widely used currencies such as the Australian dollar, Canadian dollar and Swiss franc also increased their combined share to about 4% in 2025, while the Chinese renminbi remained a relatively small part of international reserves.
De Nederlandsche Bank2026-06-05
Dutch Central Bank research finds global reserves are diversifying away from the US dollar toward gold and smaller currencies
De Nederlandsche Bank published research showing that global foreign exchange reserves have become more diversified, with the US dollar’s share falling from about 57% in 2016 to around 40% at end-2025 while the euro remained broadly stable at about 14%. Gold’s share rose to about 25% of reserves at end-2025, making it the second most important reserve asset, and the combined share of less widely used currencies such as the Australian dollar, Canadian dollar and Swiss franc increased to about 4%, while the Chinese renminbi stayed small.