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Central banks' FX reserves: about $13 trillion, ~57% in dollars
$13.2T, Q2 2026· Concept
Fact, law or dataA rule, statute, definition or measured number.
Foreign currency held by central banks to defend their currencies and pay bills: about $13.2 trillion in mid-2026.
See it on the Money & Finance map →How it works
The IMF's COFER survey counts reserves held in foreign currencies, mostly as government bonds and deposits. In June 2026 the total was about $13.2 trillion; of the part whose currency is reported, 56.7% was in dollars, about 20% in euros and about 5% in yen, with the rest in pounds, yuan and smaller currencies. Gold is counted separately. China holds the most, over $3 trillion, followed by Japan and Switzerland. After 1997, Asian countries including Korea built big reserves as insurance against hot-money flight.
Why it matters
Reserves are a country's emergency fund; their currency mix is the main yardstick of the dollar's global role and a big source of Treasury demand.
Think of it like
Like a property's capital reserve account: idle most years, decisive when the roof fails or the anchor tenant leaves.
Facts, rules and data
IMF COFER quarterly data from about 149 reporting countries, national central-bank disclosures and the IMF's International Financial Statistics.
Debates and risks
Individual countries' currency mixes are confidential and China does not publish its own, so moves out of dollars are partly estimated.
Connections (4)
▸Central banks' FX reserves: about $13 trillion, ~57% in dollars are the yardstick for The US dollar as the world's reserve currencyFact, law or data
The connection
The IMF's COFER data report what share of central banks' reported reserves sits in each currency. The dollar's share, 56.7% in mid-2026 against about 71% in 2000, is the most-cited gauge of its reserve status. Part of each quarterly move is just exchange rates: a weaker dollar mechanically shrinks its share.
When and why
IMF, Washington; quarterly data since 1999 from about 149 reporting central banks.
How we know
COFER data and IMF analysis separating exchange-rate valuation effects from active buying and selling.
Debates and risks
The shift away from dollars has gone mostly to smaller currencies like the Canadian and Australian dollars, with only about a quarter to the yuan; why is debated.
▸Central banks' FX reserves: about $13 trillion, ~57% in dollars are being diversified into Gold and precious metals as investmentsFact, law or data
The connection
Central banks bought over 1,000 tonnes of gold a year in 2022, 2023 and 2024, about double the prior decade's pace, led by Poland, Turkey, China and India. Gold held at home cannot be frozen by foreign sanctions, a lesson drawn from 2022. Prices above $4,000 an ounce by October 2025 also lifted gold's share of reserves.
When and why
Worldwide since 2022; the People's Bank of China resumed regular purchases in November 2022.
How we know
World Gold Council data compiled from IMF statistics and central-bank reports.
Debates and risks
Reported purchases fall short of the World Gold Council's estimates, so some buyers are unidentified; whether buying continues at record prices is uncertain.
▸Sovereign wealth funds: nations' investment portfolios often invest the surplus beyond Central banks' FX reserves: about $13 trillion, ~57% in dollarsFact, law or data
The connection
Central banks keep reserves safe and liquid in short bonds and deposits. When reserves exceed what is needed to defend the currency, governments move the surplus to a fund to earn more. China shifted about $200 billion into China Investment Corporation in 2007; Korea set up the Korea Investment Corporation in 2005 with central-bank and government money.
When and why
Singapore's GIC in 1981, Korea's KIC in 2005, China's CIC in 2007.
How we know
Founding documents and annual reports of CIC and KIC, and IMF guidance on reserve adequacy.
Debates and risks
How much reserve is 'enough' depends on IMF metrics and judgment, so the size of any surplus is itself debated.
▸Singapore's GIC and Temasek manage much of Singapore's Central banks' FX reserves: about $13 trillion, ~57% in dollarsFact, law or data
The connection
Singapore splits its reserves: the central bank (MAS) holds official foreign reserves for managing the Singapore dollar, while GIC invests the government's surplus reserves for the long term, and Temasek its own portfolio. Since a 2022 law, MAS can pass excess official reserves to the government, which places them with GIC.
When and why
Singapore; GIC was founded in 1981 under Prime Minister Lee Kuan Yew, with Goh Keng Swee as its driving force.
How we know
Singapore Ministry of Finance and MAS statements, and the 2022 amendment to the MAS Act.
Debates and risks
Singapore does not publish total reserves or GIC's size, so the exact split is uncertain.