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1、2023 Central Bank Gold Reserves SurveyMay 2023 Executive SummaryThese results come amidst a backdrop of ongoing geopolitical tensions as the war in Ukraine continues and the ensuing macroeconomic fallout of prolonged inflation and tighter monetary policy persists.Adding to these concerns is the bank
2、ing sector crisis in the United States and Europe which began in early 2023.The rationale to increase gold holdings therefore comes as no surprise since“interest rate levels”,“inflation concerns”,and“geopolitical risks”continue to be the leading factors in central bankers reserve management decision
3、s as they were last year.On the other hand,“concerns over current or future pandemics”fell in relevance from last year as global economies recovered from the COVID pandemic.“Digital currencies”also dropped in relevance from last year in the aftermath of major fallouts in the digital asset space(Char
4、t 1).Following a historical high level of central bank gold buying,gold continues to be viewed favourably by central banks as a reserve asset.According to the 2023 Central Bank Gold Reserves(CBGR)survey,which was conducted between 7 February and 7 April 2023 with a total of 59 responses,24%of centra
5、l banks respondents intend to increase their gold reserves in the next twelve months,in line with last years findings.The planned purchases are chiefly motivated by increased buying of domestic gold production,rebalancing to a more preferred strategic level of gold holdings,and financial market conc
6、erns including higher crisis risks and rising inflation (Q7a,page 22).88%47%40%25%27%10%10%6%84%43%43%84%23%9%13%7%13%91%88%84%48%43%77%18%7%13%2%7%97%83%59%41%34%22%10%7%5%5%2%020406080100120Interestrate levelsInflationconcernsGeopoliticalinstabilityESGissuesConcernsover currentor futurepandemicsTe
7、chnologicalinnovationOtherDigitalcurrenciesThe rise ofpopulismDemographicchanges2020202120222023%Chart 1:What topics are relevant for your reserve management decisions?Select all that apply.Shifts inglobaleconomicpowerBase:All central banks(57),advanced economy(13),EMDE(44).2023 Central Bank Gold Re
8、serves Survey 2There continues to be a gulf in thinking between advanced economy and Emerging Market and Developing Economy(EMDE)central banks on many issues.This divergence of views is perhaps most striking in terms of the outlook for the US dollar and gold.Whereas 54%of advanced economy respondent
9、s think the US dollars share of global reserves will remain unchanged 5 years from now,only 20%of EMDE respondents share this view.While 46%of advanced economy respondents believe the US dollars share of global reserves will fall,58%of EMDE respondents believe it will do so(Chart 2).When asked about
10、 golds future share in global reserves,62%of advanced economy respondents think that it will remain unchanged 5 years from now,a view shared by only 20%of EMDE respondents.38%of advanced economy respondents think golds share will rise while 68%of EMDE respondents believe it will do so.In fact,a smal
11、l proportion of EMDE central banks think that golds share will rise above 25%(Chart 3)while no respondents thought it would reach that level in last years survey.EMDE central banks,which have been the primary driver of gold buying since the 2008 global financial crisis,appear to more pessimistic abo
12、ut the US dollars future and more optimistic about golds future.00%Less than 40%2022202320222023202220232022202320222023Between 40-50%UnchangedBetween 52-60%Greater than 60%TotalAdvancedEMDEChart 2:US dollars accounted for 51%of total reserves(foreign exchange and gold)in Q3 2022.What pro
13、portion of total reserves(foreign exchange and gold)do you think will be denominated in US dollars 5 years from now?2023 Base:All central banks(57),Advanced economy(13),EMDE(44).2022 Base:All central banks(56),Advanced economy(13),EMDE(43).5%50%28%14%3%0%46%54%0%0%7%4%0%5%51%38%31%40%20%30%38%28%18%
14、23%31%21%4%5%0%7%0070%Less than 10%Between 10-14%UnchangedBetween 16-25%Greater than 25%TotalAdvancedEMDEChart 3:Gold accounted for 15%of total reserves(foreign exchange and gold)in Q3 2022.What proportion of total reserves(foreign exchange and gold)do you think will be denominated in gol
15、d 5 years from now?Buying gold from domestic production reflected in the survey findings,33%citing this factor and they are all EMDE.2023 Base:All central banks(57),Advanced economy(13),EMDE(44).2022 Base:All central banks(56),Advanced economy(13),EMDE(43)In 2022,the response categories for this que
16、stion were“Less than 10%”,“Between 10-13%”,“Unchanged”,“Between 15-25%”,and“Greaterthan 25%”to reflect golds proportion in total reserves at that time.5%3%29%59%3%0%0%61%38%0%7%4%8%2%4%20%31%16%20%30%31%30%64%46%31%51%4%0%0%0%20222023202220232022202320222023202220232023 Central Bank Gold Reserves Su
17、rvey 3Overall,central banks view golds prospects as a reserve asset over the next twelve months slightly more favourably than last year,with 71%saying that global central bank gold holdings will rise in the next twelve months compared to 61%last year (Chart 4).Compared to last year,a similar proport
18、ion of respondents(24%)say they have plans to increase their own gold holdings in the next twelve months,although 3%say they have plans to decrease their gold holdings compared to 0%last year(Chart 5).It should be noted that this years survey did not include the“dont know”option in these questions.5
19、4%75%52%61%71%38%18%32%30%28%5%5%2%8%8%11%4%200222023IncreaseRemain unchangedDecreaseDont knowChart 4:How do you expect global central bank gold reserves to change over the next 12 months?Base:All central banks(57),Advanced economy(13),EMDE(44).“Dont know“was removed as an option in this
20、years survey.8%20%21%25%24%74%57%68%70%72%3%4%3%15%20%11%5%200222023IncreaseRemain unchangedDecreaseDont knowChart 5:How do you expect your institutions gold reserves to change over the next 12 months?Base:All central banks(57),Advanced economy(13),EMDE(44)“Dont know”was removed as an opt
21、ion in this years survey.2023 Central Bank Gold Reserves Survey 4International ReservesIn 2023,69%of respondents reported higher total reserve levels than five years ago,down slightly from 74%reported last year(Q1a,page 11).Among the factors that influence reserve management decisions,“interest rate
22、 levels”,“inflation concerns”,and“geopolitical risks”continue to occupy the top three positions as they did last year.As noted in previous surveys,a dichotomy of attitudes persists between advanced economy and EMDE central banks in their views towards some of these factors.While both groups were ali
23、gned in their views towards the first three factors,other factors resulted in split opinions.Compared to their advanced economy peers,EMDE central banks are more concerned by“shifts in global economic power”and less focused on“Environmental,Social,and Governance(ESG)issues”(Chart 6).13%020406080100%
24、Interestrate levelsInflationconcernsGeopoliticalinstabilityESGissuesConcernsover currentor futurepandemicsTechnologicalinnovationOtherDigitalcurrenciesThe rise ofpopulismDemographicchangesChart 6:What topics are relevant for your reserve management decisions?Select all that apply.Shifts inglobalecon
25、omicpowerBase:All central banks(57),Advanced economy(13),EMDE(44).AllAdvancedEMDE97%83%59%41%34%22%10%5%5%2%92%85%69%15%8%0%8%0%98%82%58%33%40%27%7%4%2%7%0%9%62%0%2023 Central Bank Gold Reserves Survey 5MotivationsMore than 80%of central banks surveyed hold gold as part of their total international
26、reserves,a percentage that is line with previous results.Golds“historical position”continues to be the top reason for central banks to hold gold,with 77%of respondents saying that it is highly relevant or somewhat relevant.This was followed by golds“performance during times of crisis”(74%),“long-ter
27、m store of value/inflation hedge”(74%),“effective portfolio diversifier”(70%),and“no default risk”(68%).These top five reasons mirror last years results,with slight changes in the positioning for some factors(Chart 7).Highly relevantSomewhat relevantMarginally relevantNot relevant28%46%17%9%Performa
28、nce during times of crisis54%23%15%8%Historical position36%38%19%6%Long-term store of value/inflation hedge30%40%26%4%Effective portfolio diversifier40%28%15%17%No default riskHighly liquid asset30%32%17%21%30%28%23%19%Serves as a geopolitical diversifierConcerns about systemic financial risks19%30%
29、34%17%13%32%34%21%Serves as valuable collateral11%30%28%32%Lack of political risk15%6%15%64%Domestic gold production9%10%15%66%Concerns about sanctions6%9%32%53%Policy tool6%9%23%62%Anticipation of changes in theinternational monetary system4%4%30%62%Part of de-dollarisation policyChart 7:How releva
30、nt are the following factors in your organizations decision to hold gold?Base:All central banks that hold gold(47),Advanced economies(11),EMDE(36).The results in this chart are ranked by“Highly relevant”plus”Somewhat relevant.”2023 Central Bank Gold Reserves Survey 6“Serves as a geopolitical diversi
31、fier”was added as a response in this years survey and came in as the seventh most relevant factor at 58%.When broken into advanced economy and EMDE responses(Chart 8),EMDE central banks ranked this factor as more relevant(EMDE:61%vs.advanced:45%).This continues the theme of EMDE countries valuing go
32、lds strategic role amidst uncertain geopolitical times.This divergence appears in nearly every factor for holding gold(Chart 8),underscoring the different economic and strategic circumstances faced by both groups which further translate into their differing views on golds role in their reserves.“Con
33、cerns about sanctions”,another response which was added in this years survey,also exhibited this difference(EMDE:25%vs.advanced:0%).Managing Gold ReservesAmong survey respondents,83%manage gold separately from other reserve assets,an uptick compared to 76%last year(Q9,page 24).Most advanced economy
34、respondents manage gold separately because it is a historical legacy asset.For EMDE respondents,though,61%report that they manage gold separately because it is a strategic asset.Those reporting that gold is managed separately because“it is difficult to assess under our valuation framework”is at 5%,d
35、own slightly from 6%last year but significantly lower than previous surveys which showed this answer to range between 30-40%(Q9a,page 24).100%64%27%64%45%27%45%18%36%18%0%0%0%0%0%69%78%89%72%75%72%61%58%47%47%28%25%19%19%11%00708090100%HistoricalpositionPerformance duringtimes of crisisLo
36、ng-term store ofvalue/inflation hedgeEffective portfoliodiversifierNo default riskHighly liquid assetServes as a geopoliticaldiversifierConcerns aboutsystemic financial risksServes as valuablecollateralLack of political riskDomestic goldproductionConcerns aboutsanctionsPolicy toolAnticipation of cha
37、ngesin the internationalmonetary systemPart of de-dollarisation policyAdvancedEMDEChart 8:How relevant are the following factors in your organizations decision to hold gold?Base:All central banks that hold gold(47),Advanced economies(11),EMDE(36).2023 Central Bank Gold Reserves Survey 7London Good D
38、elivery1 bars continue to be the mainstay,with 79%buying gold in that form,while kilo bars and dor were much less popular.This year,a quarter of respondents have considered upgrading gold holdings that do not conform to Good Delivery standards,up from one-fifth last year(Q13,page 27).A small proport
39、ion of central banks(all EMDE central banks)say they would consider establishing a domestic gold purchase programme,and nine EMDE central banks(the same number as last year)state that they already have such a programme in place.Of these nine,one refines its domestically purchased gold at a refinery
40、owned by the central bank,five at a private refinery overseas,and one at a government-owned refinery.The majority of these EMDE central banks also pay the spot international gold price for their gold(Q17,page 28).The Bank of England continues to be the most popular storage location,with 53%of respon
41、dents vaulting there.Domestic storage declined slightly with 35%of respondents citing it as the location of their gold,compared to 40%last year.90%of respondents indicate there has been no change in their custody arrangements over the last year,while the remaining 10%preferred not to answer.77%do no
42、t expect a change in their custody arrangements over the coming year(Q20,page 30).The proportion of respondents who actively manage their gold reserves increased to 33%this year from 28%last year.Of the 16 respondents that actively manage their gold,11 are currently active in deposits and another 2
43、are considering being active in deposits.Forwards and swaps(giving gold as collateral)were the next popular forms of active management for both of these instruments 4 respondents indicated that they are currently active.1 Refers to gold bars that meet the Good Delivery standards set by the London Bu
44、llion Market Association:www.lbma.org.uk/good-delivery/about-good-delivery2023 Central Bank Gold Reserves Survey 8This years CBGR survey indicates continuing central bank interest in gold even among record levels of central bank activity in the gold market.Ongoing geopolitical concerns and the resul
45、ting impact on inflation,interest rates,and market outlook are certainly front of mind for many central bankers.EMDE central banks in particular have expressed continuing concerns about the impact of geopolitics on their Conclusionreserve management decisions,with many valuing gold as a way to manag
46、e these risks.The future of the international monetary system continues to be in flux,with EMDE central banks also expressing less confidence in the US dollars supremacy than their advanced economy counterparts.In the face of these trends and an ever-changing investment environment,central bank gold
47、 demand is likely to remain robust.2023 Central Bank Gold Reserves Survey 9For the sixth year in a row,the World Gold Council has worked with YouGov to conduct a survey of central banks.The questionnaire was primarily designed by the World Gold Council with YouGov providing additional design consult
48、ation.Once the English questionnaire was approved,it was translated into four additional languages(Arabic,French,Russian,and Spanish)in order to make the survey accessible to a wide audience.The questionnaire was scripted and set up on YouGovs secure survey system and was thoroughly tested before fi
49、eldwork was launched.The World Gold Council was given a test link to ensure it was satisfied with the way the survey had been implemented.Unique,Methodologyanonymised links were then provided to the World Gold Council to send to their contacts within central banks around the world.Central banks that
50、 are under sanctions were not contacted.Fieldwork was conducted between 7 February and 7 April 2023,with a total of 59 eligible responses(a slight increase from 57 last year)representing a 38%response rate amongst all central banks who were contacted.Data in the report is shown at an overall level b
51、ut is also sub-divided by advanced economy countries and Emerging Market and Development Economy(EMDE)countries as defined by the IMF.2023 Central Bank Gold Reserves Survey 10Detailed Results Americas(19%)(16%in 2022)Africa(22%)(19%in 2022)Middle East(8%)(5%in 2022)Asia(17%)(16%in 2022)Europe(34%)(4
52、2%in 2022)Oceania(0%)(2%in 2022)AdvancedEMDEF1:Please indicate within which region your institution is located.59 central banks responded with 22%from advanced economies and 78%from EMDE countries.Base:All central banks(59);Advanced economies(14);EMDE(36).78%22%69%64%71%53%55%53%68%55%75%74%46%82%69
53、%62%72%00708090100All central banksAdvanced economiesEMDEProportion of yes responses%Q1a:Is your institution holding a higher level of total reserves(foreign exchange and gold)now than it was 5 years ago?The proportion of central banks holding a higher level of total reserves now than 5 y
54、ears ago has dipped,following the last 2 years rebound from the low in 2020 when reserves were deployed to mitigate the impact of COVID-19.There is a divergence between advanced economy central banks and EMDE central banks,with the proportion of advanced economy central banks responding“yes”increasi
55、ng significantly this year from last year.200222023Base:All central banks(59);Advanced economies(14);EMDE(36).2023 Central Bank Gold Reserves Survey 1146%32%11%36%46%21%7%37%24%37%32%39%20%24%20%12%32%26%25%14%9%055404550%Capital gains ontotal reservesDue to balanceof paymentsc
56、hangesMonetary policyconsiderationsPrefer notto answerAs a consequenceof exchangerate policyAs a consequenceof a domesticgold purchaseprogramme20022202325%Others*Base:All central banks holding a higher level of total reserves than 5 years ago(41).*The reasons which respondents listed unde
57、r“Others”include“inflation hedge,”“local market interventions,”“Special Drawing Rights allocation,”“IMF loans and disbursements,”and“strategic asset allocation.”“Capital gains on total reserves”and“As a consequence of a domestic gold purchase programme”were added as options in 2022.Q1b:Please indica
58、te the reason for any change in your institutions level of total reserves(foreign exchange and gold)compared to 5 years ago.Select all that apply.“Capital gains or losses on total reserves”is the most relevant reason,while“due to balance of paymentschanges”is second.A close third is“monetary policy
59、considerations”.18%43%13%88%47%40%25%27%10%10%6%84%43%43%84%23%9%13%7%13%91%88%84%48%43%77%18%7%13%2%7%97%83%59%41%34%22%10%7%5%5%2%020406080100120Interestrate levelsInflationconcernsGeopoliticalinstabilityESGissuesConcernsover currentor futurepandemicsTechnologicalinnovationOtherDigitalcurrenciesTh
60、e rise ofpopulismDemographicchanges2020202120222023%Q1c:What topics are relevant for your reserve management decisions?Select all that apply.Similar to last year,“Interest rate levels”is the most relevant topic,followed by“inflation concerns”and then“geopolitical instability”.“Concerns over current
61、or future pandemics”fell in relevance from last year as global economies recovered from the COVID pandemic.“Digital currencies”dropped in relevance from last year in the aftermath of major fallouts in the digital asset space.Responses by year,all central banks(2019-2023)Shifts inglobaleconomicpowerB
62、ase:All central banks(58);Advanced economies(13);EMDE(45).This question was not asked in 2019.”Inflation concerns“and”geopolitical instability“were added as options in 2022.”Concerns over current or future pandemics“was added as an option in 2021.2023 Central Bank Gold Reserves Survey 1213%020406080
63、100%Interestrate levelsInflationconcernsGeopoliticalinstabilityESGissuesConcernsover currentor futurepandemicsTechnologicalinnovationOtherDigitalcurrenciesThe rise ofpopulismDemographicchangesResponses by central bank classification,all central banks(2023)Shifts inglobaleconomicpowerBase:All central
64、 banks(58);Advanced economies(13);EMDE(45).AllAdvancedEMDE97%83%59%41%34%22%10%5%5%2%92%85%69%15%8%0%8%0%98%82%58%33%40%27%7%4%2%7%0%9%62%0%US dollar 51%Euro 17%Others 15%Gold 15%Chinese renminbi 2%Q2:Reserve Currency CompositionAll respondents were shown the chart(below)detailingthe composition of
65、total reserves(foreign exchangeand gold)as of the end of Q3 2022.Respondentswere then asked about what proportion of totalreserves(foreign exchange and gold)they expect tobe denominated in US dollars,euros,Chineserenminbi,and gold in five years time.Based on Q3 2022 IMF COFER data with gold added in
66、to the total,calculated excluding unallocated reserve assets.Source:IMF COFER and World Gold Council 2023 Central Bank Gold Reserves Survey 135%50%28%14%3%0%46%54%0%0%7%51%20%18%4%00%Less than 40%Between 40-50%UnchangedBetween 52-60%Greater than 60%TotalAdvancedEMDEQ2a USD:US dollars acco
67、unted for 51%of total reported reserves(foreign exchange and gold)in Q3 2022.What proportion of total reserves(foreign exchange and gold)do you think will be denominated in US dollars 5 years from now?55%of respondents expect the US dollar to decline as a proportion of total reserves in the next 5 y
68、ears,up from 42%last year.Similar to last year,EMDE central banks are less optimistic on the role of the US dollar,with 58%expecting the US dollar to decline in proportion,as compared to 46%of advanced economy central banks.Base:All central banks(58);Advanced economies(13);EMDE(45).Select comments f
69、rom respondents provide additional insight into their views of the US dollar:“With other countries becoming more important on the global stage,investments in the US will become slightly less than they are now.Increasing transparency and liquidity in those market economies will also contribute to thi
70、s.”“The US dollar is far and large still the dominant reserve currency.It is still shielded by the tactical geopolitical weight.”“The trend over the past few decades has been for countries to diversify their reserve holdings and reduce their dependence on the US dollar.Many central banks have been a
71、ctively diversifying their reserves by increasing their holdings of other currencies,such as the euro,yen,and Chinese yuan as well as gold.”2023 Central Bank Gold Reserves Survey 14%Less than 10%Between 10-16%UnchangedBetween 18-25%Greater than 25%TotalAdvancedEMDEQ2b EURO:Euros accounted for 17%of
72、total reported reserves(foreign exchange and gold)in Q3 2022.What proportion of total reserves(foreign exchange and gold)do you think will be denominated in euros 5 years from now?38%of respondents expect the Euro to decline as a proportion of total reserves in the next 5 years,down slightly from 43
73、%last year.EMDE central banks are less optimistic on the role of the Euro,with 42%expecting the Euro to decline in proportion,as compared to 23%of advanced economy central banks.Base:All central banks(58);Advanced economies(13);EMDE(45).7%31%28%33%2%0%23%38%38%0%9%33%24%31%2%0554045Select
74、 comments from respondents provide additional insight into their views of the Euro:“Central banks are expected to increase their holding of euro reserves as the interest rates/yields in the Eurozone have turned positive since the ECB started raising interest rates.As inflation remains persistently h
75、igher,the ECB is expected to hike rates in the short to medium term.”“Since 2008,the share of Euros in global foreign exchange reserves has declined.Although the Euro has recently become relatively attractive as a result of higher interest rates.Once the ECB normalise rates in Europe,we expect the s
76、hare of Euro to stabilise(or even decline slightly as the importance of RMB and non-traditional currency increase over time).”“The euro is the second most used currency in international transactions and is widely used as a reserve currency by central banks around the world.The ongoing shift towards
77、multi-polarity in the global economy,has led to a diversification of reserve currencies away from the US dollar and towards other currencies,including the euro.”2023 Central Bank Gold Reserves Survey 15Select comments from respondents provide additional insight into their views of the Chinese renmin
78、bi:“Chinas monetary policy is likely to remain unchanged in the near term.Expectations are that many central banks are unlikely to increase exposure CNY until economic growth gathers momentum and interest rates begin to pick up.”“Increased internationalization of the Renminbi by the Chinese authorit
79、ies is likely to entice more central banks to add the currency into their portfolios.”“Despite the recent rising trend of the role of Chinese renminbi on global reserves,it may be impacted by the rising of geopolitics tensions involving China.”%Between 0-1%UnchangedBetween 3-5%Between 6-10%Greater t
80、han 10%TotalAdvancedEMDEQ2c RMB:Chinese renminbi accounted for 2%of total reported reserves(foreign exchange and gold)in Q3 2022.What proportion of total reserves(foreign exchange and gold)do you think will be denominated in Chinese renminbi 5 years from now?A majority of respondents(79%)expect the
81、Chinese renminbi to increase as a proportion of total reserves inthe next 5 years,down slightly from 82%last year.Base:All central banks(58);Advanced economies(13);EMDE(45).2%19%64%12%3%0%31%62%8%0%2%16%64%13%4%00702023 Central Bank Gold Reserves Survey 16Less than 10%Between 10-14%Unchan
82、gedBetween 16-25%Greater than 25%TotalAdvancedEMDEQ2d GOLD:Gold accounted for 15%of total reported reserves(foreign exchange and gold)in Q3 2022.What proportion of total reserves(foreign exchange and gold)do you think will be denominated in gold 5 years from now?62%of respondents expect gold to incr
83、ease as a proportion to total reservesin the next 5 years,a jump from 46%last year.Base:All central banks(58);Advanced economies(13);EMDE(45).5%3%29%59%3%0%0%62%38%0%7%4%20%64%4%0070Select comments from respondents provide additional insight into their views of gold:“Current geopolitical
84、and economic scenarios suggest possible increase in“safe”assets,like gold”“We see a slight decline in gold reserves in the medium term as interest rates/yields in advanced economies will remain elevated owing to monetary policy tightening by the major central banks.”“Gold has historically been seen
85、as a safe haven asset during times of economic and geopolitical uncertainty,and given the current global climate of uncertainty,some central banks may increase their holdings of gold as a hedge against these risks.Some countries have been actively increasing their gold reserves in recent years,which
86、 could continue in the future and potentially push the overall proportion of total reserves denominated in gold slightly higher.”2023 Central Bank Gold Reserves Survey 5060708090100All central banksAdvanced economiesEMDE%Q3:Do you currently hold gold as part of your total reserves?83%of c
87、entral banks hold gold in their reserves,a very similar result to last years survey.200222023Base:All central banks(59);Advanced economies(13);EMDE(46).82%82%82%82%91%80%80%75%83%82%92%80%83%92%80%Highly relevantSomewhat relevantMarginally relevantNot relevant28%46%17%9%Performance during
88、 times of crisis54%23%15%8%Historical position36%38%19%6%Long-term store of value/inflation hedge30%40%26%4%Effective portfolio diversifier40%28%15%17%No default riskHighly liquid asset30%32%17%21%30%28%23%19%Serves as a geopolitical diversifierConcerns about systemic financial risks19%30%34%17%13%3
89、2%34%21%Serves as valuable collateral11%30%28%32%Lack of political risk15%6%15%64%Domestic gold production9%10%15%66%Concerns about sanctions6%9%32%53%Policy tool6%9%23%62%Anticipation of changes in theinternational monetary system4%4%30%62%Part of de-dollarisation policyQ4a:How relevant are the fol
90、lowing factors in your organizations decision to hold gold?“Historical position”,“performance during times of crisis”,“Long term store of value/inflation hedge”,and“effective portfolio diversifier”were the most relevant factors.Base:All central banks that currently hold gold(49);Advanced economies(1
91、2);EMDE(37).The results in this chart are ranked by”Highly relevant”plus”Somewhat relevant.”2023 Central Bank Gold Reserves Survey 18100%64%27%64%45%27%45%18%36%18%0%0%0%0%0%69%78%89%72%75%72%61%58%47%47%28%25%19%19%11%00708090100%HistoricalpositionPerformance duringtimes of crisisLong-te
92、rm store ofvalue/inflation hedgeEffective portfoliodiversifierNo default riskHighly liquid assetServes as a geopoliticaldiversifierConcerns aboutsystemic financial risksServes as valuablecollateralLack of political riskDomestic goldproductionConcerns aboutsanctionsPolicy toolAnticipation of changesi
93、n the internationalmonetary systemPart of de-dollarisation policyAdvancedEMDEResponses by central bank classification,all central banks(2023).There is a significant divergence between advanced and EMDE central banks on their rationale for holding gold,with a significantly higher proportion of advanc
94、ed economies central banks rating“historical position”as relevant.The respondents which rated“Concerns about sanctions”and“part of de-dollarisation policy”as relevant were all EMDE central banks.Base:All central banks that currently hold gold(49);Advanced economies(12);EMDE(37).%HistoricalpositionPe
95、rformance duringtimes of crisisLong-term store ofvalue/inflation hedgeEffective portfoliodiversifierNo default riskHighly liquid assetServes as a geopoliticaldiversifierConcerns aboutsystemic financial risksServes as valuablecollateralLack of political riskDomestic goldproductionConcerns aboutsancti
96、onsPolicy toolAnticipation of changesin the internationalmonetary systemPart of de-dollarisation policyResponses by year,all central banks(2019-2023).“Historical position,”“performance during times of crisis,”“long-term store of value,”“no default risk,”and“effective portfolio diversifier”have been
97、the most relevant factors since 2019.Base:All central banks that currently hold gold(49);Advanced economies(12);EMDE(37).“Serves a geopolitical diversifier”,“Concerns about systemic financial risks”,and“Concerns about sanctions”were added as options in 2023.“Domestic gold production”was added as an
98、option in 2022.0070809020022202378%59%78%50%59%41%25%63%28%13%13%83%79%79%64%74%57%36%63%31%24%12%74%79%70%70%66%47%47%53%26%17%83%74%74%67%68%52%45%54%20%15%15%15%9%9%77%74%74%70%70%62%57%49%46%40%21%19%9%20%2023 Central Bank Gold Reserves Survey 19Q4b.How relevant are the fol
99、lowing factors in your organizations decision to not hold gold?The small number(n=10)of central banks that told us they do not currently hold gold were asked about the relevance of a variety of factors in their decision not to hold gold.As this question has a very small number of respondents,percent
100、ages will not be meaningful.Hence we have provided the raw data to give some indication of which factors are most relevant(highly or somewhat relevant),along with data from previous surveys for comparison.200222023Higher volatility than other reserve assets 6 out of 83 out of 97 out of 10
101、6 out of 107 out of 10Not enough understanding of the market 6 out of 84 out of 95 out of 105 out of 106 out of 10Unsure how to value gold 6 out of 83 out of 95 out of 104 out of 106 out of 10Preference for better yielding or higher returning assets 5 out of 84 out of 97 out of 107 out of 106 out of
102、 10Costs of holding hold(vaulting or custodial fees,etc.)7 out of 105 out of 10Headline risk 4 out of 105 out of 10Accounting related issues 2 out of 83 out of 93 out of 106 out of 105 out of 10Ability to transact in large sizes 5 out of 83 out of 94 out of 105 out of 104 out of 10ESG concerns 3 out
103、 of 103 out of 10Difficulty in accessing relevant data 4 out of 84 out of 93 out of 103 out of 106 out of 10Not permitted under current investment guidelines 4 out of 83 out of 93 out of 101 out of 101 out of 10Base:All central banks that do not currently hold gold(10).Not all options were available
104、 in previous surveys.54%75%52%61%71%38%18%32%30%28%5%5%2%8%8%11%4%200222023IncreaseRemain unchangedDecreaseDont knowQ5:How do you expect global central bank gold reserves to change over the next 12 months?Central banks are more optimistic on gold as a reserve asset in 2023,with 71%of resp
105、ondents stating theyexpect global gold reserves to increase over the next 12 month,as compared to 61%last year.Base:All central banks(58);Advanced economies(13);EMDE(45).“Dont know”was removed as an option in this years survey.2023 Central Bank Gold Reserves Survey 2045%64%50%46%62%57%78%53%65%73%01
106、02030405060708090200222023AdvancedEMDE%of respondents that expect global central bank gold reserves to increaseBase:All central banks(58);Advanced economies(13);EMDE(45).Responses by central bank classification,all central banks(2019-2023)EMDE central bank respondents are generally more p
107、ositive on gold,with the proportion of EMDE central banks expecting global gold reserves to increase consistently higher than the proportion of advanced economy central banks.8%20%21%25%24%74%57%68%70%72%3%4%3%15%20%11%5%200222023IncreaseRemain unchangedDecreaseDont knowQ6:How do you expe
108、ct your institutions gold reserves to change over the next 12 months?The proportion of central bank respondents that intend to increase their gold reserves is 24%,a similar level to last year.The majority(72%)expect their gold reserves to remain unchanged,while 3%expect it to decrease.Base:All centr
109、al banks(58);Advanced economies(13);EMDE(45).“Dont know”was removed as an option in this years survey.2023 Central Bank Gold Reserves Survey 210%9%4%0%8%11%23%31%33%29%055200222023%of respondents that intend to increase their gold reserves over next 12 monthsAdvancedEMDEBase:Al
110、l central banks(58);Advanced economies(13);EMDE(45).Responses by central bank classification,all central banks(2019-2023)The proportion of EMDE central banks that intend to increase their gold reserves is substantially higherthan the proportion of advanced central banks.98664333322211100More purchas
111、es from a domestic gold buying programmeRe-balancing of reserve allocations to a preferred strategic levelHigher risk of a global financial crisisRising inflationPart of a policy of de-dollarisationNeed for more gold as a hedging instrument(e.g.hedge against inflation,US dollar exposure,market insta
112、bility,etc.)Rising political risk in advanced economiesUncertainty stemming from global pandemicsRise in the gold priceHigher economic risks in reserve currency economies(e.g.rising budget deficit in the US,slower growth in advanced economies,etc.)Anticipation of a structural change in the internati
113、onal monetary system(a decrease in the share of advanced economy currencies and a risein the share of emerging currencies)Increased need to include ESG compliant assetsRising risk of central bank sanctionsInterest rate environment in advanced economiesOtherRising political risk in emerging marketsUS
114、 dollar weaknessNumber of respondents(out of 14)Q7a.What factors are driving your institutions plan to increase gold reserves in the next 12 months?Please select all that apply.The relatively small number of central banks(n=14)that told us they anticipate an increase in gold reserves in the next 12
115、months were asked about the factors influencing their decision.As this question has a very small number of respondents,percentages will not be meaningful.“More purchases from a domestic gold buying programme”is the main reason for plans to increase gold reserves.“Re-balancing of reserve allocations
116、to a preferred strategic level”is the second major factor.2023 Central Bank Gold Reserves Survey 2263%59%38%6%3%3%64%40%36%0%0%2%59%43%28%4%7%4%54%43%30%9%0%7%38%33%17%2%0%10%0070It is determined by thecentral bank boardor its executivesIt is a legacyhistorical assetIt is determined bya S
117、trategic AssetAllocation analysisIt is determined bythe government orlegislationOtherIt is determinedbased on guidancefrom externalauthorities200222023Base:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).Q8:Which of the following options best describes how y
118、ou determined your gold reserves allocation?The main way in which central banks determine their gold reserves allocation is by central bank board orits executives.Golds position as a legacy historical asset continues to be the second-most cited option,followed by determination by Strategic Asset All
119、ocation analysis.Q7b.What factors are driving your institutions plan to decrease gold reserves in the next 12 months?Please select all that apply.The small number of central banks(n=2)that told us they anticipate a decrease in gold reservesin the next 12 months were asked about the factors influenci
120、ng their decision.As this question has a very small number of respondents,percentages will not be meaningful.Both respondents cite“re-balancing of reserve allocations to a preferred strategic level”and“need for liquidity”as reasons.Other reasons cited by one respondent are:“decreasing political risk
121、 in advanced economies”,“decreasing political risk in emerging markets”,“lower macroeconomic risks in reserve currency economies”,“risk of central bank sanctions”,“higher yields on advanced economy debt”,and“decreased purchases from a domestic gold buying programme”.2023 Central Bank Gold Reserves S
122、urvey 2391%6%0%6%79%14%5%2%72%15%4%9%76%13%7%4%0%83%8%8%00708090100%Managed separatelyfrom other reserve assetsIn the investment trancheIn the liquidity trancheOther200222023Base:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).Q9:Which of the foll
123、owing options best describes how you manage your gold reserves?Similar to the responses from prior years,gold reserves are most likely to be managed separately fromother reserve assets,and all respondents from advanced economies cite this as their approach.58%53%5%3%10%83%33%0%0%8%46%61%7%4%11%01020
124、30405060708090It is a historicallegacy assetIt is a strategic assetIt is difficult toassess under ourvaluation frameworkDifferent accountingregimes comparedto other asset classesOtherAllAdvancedDeveloping%Base:All central banks that manage gold separately(40);Advanced economies(12);EMDE(28).Q9a:Why
125、is gold managed separately?The central banks which indicate that they managed gold separately from other reserve assets wereasked this question.The main reason gold is managed separately is due to it being an historical legacy asset,and is by far the biggest reason among advanced economies.Those in
126、developing economies are more likely to managegold separately because it is a strategic asset.2023 Central Bank Gold Reserves Survey 2442%15%36%0%6%39%12%39%6%3%51%29%6%3%11%58%53%5%3%10%00702020202120222023It is a historicallegacy assetIt is a strategic assetIt is difficult toassess unde
127、r ourvaluation frameworkDifferent accountingregimes comparedto other asset classesOtherBase:All central banks that manage gold separately.This question was not asked in 2019.%Responses by year,all central banks(2020-2023)Gold as a“historical legacy asset”has always been cited as the main reason gold
128、 is managed separately.“Difficult to access under our valuation framework”continues to be lowly cited this year,after a substantial drop last year in respondents citing this factor.46%42%25%15%8%0%8%25%67%0%0%8%0%25%53%33%33%19%8%0%3%007080Purchase on theglobal OTC marketHistoricallegacy
129、assetPurchase fromdomestic goldproductionOff-markettransactions withother central banksor internationalorganisationsPurchase financialderivativeson goldPurchaseexchange-tradedfunds(ETFs)OtherAdvancedDeveloping%Q10:How do you purchase gold(please choose all that apply)?Among the central banks who pur
130、chase gold,around half purchase it on the global OTC market.For most advanced economies,it is a historical legacy asset.Buying gold from domestic production reflected in the survey findings,33%citing this factor and they are all EMDE.AllBase:All central banks that currently hold gold(48);Advanced ec
131、onomies(12);EMDE(36).2023 Central Bank Gold Reserves Survey 2560%26%7%0%0%26%43%43%26%7%4%4%11%46%43%22%15%7%2%2%46%42%25%15%8%0%8%00702020202120222023Purchase on theglobal OTC marketHistoricallegacy assetPurchase fromdomestic goldproductionOff-markettransactions withother central banksor
132、 internationalorganisationsPurchase financialderivativeson goldPurchaseexchange-tradedfunds(ETFs)Other%Responses by year,all central banks(2020-2023)Base:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).This question was not asked in 2019.“Historical legacy asset”was ad
133、ded as an option in 2021.75%3%9%22%75%3%6%28%70%7%11%26%85%11%7%15%79%11%9%21%00708090Good Delivery barsDoreKilo barsOther2019Base:All central banks that currently hold gold(47);Advanced economies(11);EMDE(36).2020202120222023%Q11:In what form do you purchase physical gold?Good Delivery b
134、ars remain the primary form of gold purchased by a large margin.Dore has steadily grown in popularity over time as well.2023 Central Bank Gold Reserves Survey 2696%11%9%6%100%0%9%9%94%14%8%6%020406080100Good Delivery barsDoreKilo barsOthersAllAdvancedDeveloping%Q12:In what form do you hold physical
135、gold,if applicable?Good Delivery bars are the primary form of physical gold which respondents hold.Base:All central banks that currently hold gold(47);Advanced economies(11);EMDE(36).AllAdvancedDeveloping25%67%8%17%83%61%11%28%Q13:Have you considered upgrading or re-refining your gold holdings to me
136、et Good Delivery standards(if you have any gold holdings that currently do not meet these standards)?A quarter of central bank respondents are considering upgrading their gold holdings to meet Good Delivery standards,though for the majority of respondents this question is not applicable.YesNoNot app
137、licableBase:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).2023 Central Bank Gold Reserves Survey 27AllAdvancedDeveloping10%42%29%19%33%67%25%33%28%14%Q14:Have you considered establishing a domestic gold purchase programme to add gold frommining supply produced within
138、 your country?The proportion of EMDE central bank respondents which intend to establish a domestic gold purchaseprogram rose to 14%this year from 6%last year.No advanced economy central bank respondentsintend to purchase gold domestically.YesNoWe already have a domestic gold purchaseprogramme in pla
139、ceNot applicable;our country has no domesticgold mining supplyBase:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).11052At a refineryowned by thecentral bankAt a refineryowned by yourgovernmentAt a private refineryin your countryAt a privaterefinery overseasOtherQ15810
140、234567890123456789YesNoQ161710Discount tointernationalgold priceSpotinternationalgold pricePremium tointernationalgold priceOtherQ17Q15:How do you refine gold purchased under your domestic gold purchase programme?Q16:Is your gold refined at an LBMA Good Delivery List refinery?Q17:What pri
141、ce do you pay for gold under your domestic gold programme?Among the small number of central bank respondents(n=9)with existing domestic purchase programs,8 of them report that they refine gold at an LBMA Good Delivery List refinery.One respondent refine gold at a refinery owned by the central bank,o
142、ne other respondent refine gold at a refinery owned by its government.Most respondents pay the spot international gold price for their gold.As this question has a very small number of respondents,percentages will not be meaningful.Base:All central banks with existing domestic purchase program in pla
143、ce(9).2023 Central Bank Gold Reserves Survey 2828%39%40%35%11%10%11%10%3%0%0%2%2%0%0%2%0%2%2%2%007020022Bankof EnglandDomesticstorageFederalReserveBank ofNew YorkBank forInternationalSettlementsSwissNational BankBank of CanadaCommercialbank vaultBanquede FranceOther officialsec
144、tor vaultlocatedoutside ofyour country%Q18.Where do you currently vault your gold reserves?Please select all that applyThe Bank of England remains the most popular vaulting location of central bank gold reserves.Gold held domestically similarly remains the second most cited vaulting location.2023Bas
145、e:All central banks that currently hold gold(49);Advanced economies(12);EMDE(37).56%55%53%43%63%33%13%14%15%22%17%13%5%7%4%6%4%4%4%4%4%6%5%200222023Increased domestic storageDecreased domestic storageDiversified overseas storage locationsNo changePrefer not to answerQ19.How,if at all,have
146、 your custody arrangements changed over the past 12 months?The majority of respondents indicate that there has been no change in their custody arrangements over the last year,which is broadly consistent with past years.Base:All central banks that currently hold gold(49);Advanced economies(12);EMDE(3
147、7).0%20%10%30%40%50%60%70%80%90%100%90%4%2%5%88%13%71%21%2%2%89%7%4%79%13%10%2023 Central Bank Gold Reserves Survey 29200222023Increase in domestic storageDecrease in domestic storageDiversified overseas storage locationsNo changePrefer not to answerQ20.How,if at all,do you intend to chan
148、ge your custody arrangements over the next 12 months?The majority of respondents expect no changes in their custody arrangements over the next 12 months.However,4%report that they have plans to diversify overseas storage locations.Base:All central banks that currently hold gold(49);Advanced economie
149、s(12);EMDE(37).0%20%10%30%40%50%60%70%80%90%100%77%2%4%4%2%7%78%22%62%31%78%20%76%20%17%00708090Allocated bullionUnallocated bullionOther%Q21.How do you hold your gold reserves?Please note that gold bullion that is stored at an official sector facility in your home country is considered t
150、o be Allocated bullion.Please select all that apply.Most respondents continue to hold their gold in allocation bullion accounts,while 31%hold their gold in unallocated bullion accounts.200222023Base:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).81%76%76%38
151、%6%33%10%37%0%65%33%15%75%31%8%2023 Central Bank Gold Reserves Survey 3000All central banksAdvancedEMDEProportion of“yes”responsesQ22.Do you actively manage your gold reserves?The proportion of respondents that actively manage their gold reserves saw a small rebound this year from last ye
152、ar.The increase was due to a significant increase in EMDE central banks which actively manage their gold reserves,while there was a decline in advanced economy central banks which do so.200222023Base:All central banks that currently hold gold(48);Advanced economies(12);EMDE(36).34%36%35%5
153、6%26%40%34%40%32%28%33%26%33%25%36%Swaps(receiving gold as collateral)OptionsForwardsSwaps(giving gold as collateral)DepositsCurrently activeConsidering being activeNo plansPreviously active but no longerQ23.Please describe how you actively manage your gold reserves.Those that actively manage their
154、gold reserves are most likely to do so via gold deposits.Swaps(giving gold as collateral)was the second most popular option.As this question has a very small number of respondents,percentages will not be meaningful.Base:n=16.“Swaps(giving gold as collateral”was labelled as“swaps”in the 2020 and 2019
155、 surveys.“Swaps(receiving gold as collateral)”was labelled as“receiving gold as collateral”in the 2020 and 2019 surveys.The wording was changed to provide more clarity to respondents.%#%#%(%)%*6789523 Central Bank Gold Reserves Survey 316%2%4%13%23%42%90
156、%93%98%10%10%8%15%17%47%88%77%64%Other(please specify)Real estateAlternativesHigh yield corporate bondsEquities Investment-grade corporate bondsSustainable bondsDirect investmentETFsExternal mandateNo plans to increase exposureQ24.Is your institution planning on increasing its allocation into any of
157、 the following non-traditional central bank reserve assets in the next 12 months?If so,how would you invest in that asset class?Please select all that apply.The top non-traditional reserve asset class which respondents plan on increasing allocation to is sustainable bonds,followed by investment grad
158、e corporate bonds.Base:Central banks that currently hold gold(52);Advanced economies(12);EMDE(40).2023 Central Bank Gold Reserves Survey 322023 Central Bank Gold Reserves Survey 332023 Central Bank Gold Reserves Survey 342023 Central Bank Gold Reserves Survey 35Important information and disclaimers
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167、n be generated through allocation to gold are hypothetical in nature,may not reflect actual investment results and are not guarantees of future results.WGC does not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use.Inves
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170、statements.Information regarding QaurumSM and the Gold Valuation FrameworkNote that the resulting performance of various investment outcomes that can generated through use of Qaurum,the Gold Valuation Framework and other information are hypothetical in nature,may not reflect actual investment result
171、s and are not guarantees of future results.Neither WGC nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool,including without limitation any projections,estimates or calculations.World Gold Council7th Floor,15 Fetter Lane London EC4A 1BW United KingdomT+44 20 7826 4700 F+44 20 7826 4799 W www.gold.orgPublished:May 2023