Foreign Exchange Reserves
Central banks held roughly $13.0 trillion in foreign exchange reserves as of 2025 Q3, with the US dollar still accounting for about 57% of allocated reserves. These charts track total reserves, currency composition, the dollar's long decline, the largest holders, and the surge in central bank gold buying. All figures are drawn from IMF COFER and central bank data.
Key Foreign Reserve Insights
The dollar still dominates
The US dollar made up about 56.9% of allocated reserves in 2025 Q3 — more than the euro, yen, pound and renminbi combined. Its status as the primary invoicing, funding and reserve currency keeps demand structural.
A slow, steady decline
The dollar's share has fallen from roughly 71% in 2000 to about 57% today. The shift has gone mostly into a basket of smaller currencies — the Canadian and Australian dollars, the renminbi and others — rather than one challenger.
Reserves are highly concentrated
China alone holds around $3.3 trillion in FX reserves, with Japan near $1.2 trillion. A handful of Asian exporters and commodity producers account for a large share of the global total.
Gold is back in fashion
Central banks bought over 1,000 tonnes of gold a year in 2022, 2023 and 2024 — roughly double the pace of the prior decade — diversifying part of their reserves away from currencies.
Total Global FX Reserves Over Time
Total foreign exchange reserves held by central banks worldwide, in US dollars. Reserves expanded rapidly through the 2000s and 2010s before leveling off near record highs.
Key Finding: Global reserves rose from under $2 trillion in 2000 to about $13.0 trillion by 2025 Q3.
Currency Composition of Allocated Reserves
Share of allocated reserves held in each currency as of 2025 Q3, under the IMF's updated methodology that covers 100% of disclosed reserves.
Key Finding: The US dollar (56.9%) and euro (20.3%) together make up more than three-quarters of allocated reserves.
The Long Decline in the Dollar's Share
The US dollar's share of allocated foreign exchange reserves since 2000. The decline has been gradual rather than abrupt.
Key Finding: The dollar's share fell from about 71% in 2000 to roughly 57% in 2025 — still by far the largest.
Largest FX Reserve Holders
The countries with the largest stockpiles of foreign exchange reserves (excluding gold), in US dollars, using the latest available central bank figures.
Key Finding: China holds about $3.3 trillion in FX reserves — more than the next two holders combined.
Central Bank Gold Buying
Net gold purchases by central banks each year, in tonnes. Buying accelerated sharply after 2021 as reserve managers diversified.
Key Finding: Central banks bought over 1,000 tonnes of gold in 2022, 2023 and 2024 — roughly double the prior decade's pace.
Understanding Foreign Reserve Data
What foreign exchange reserves are
Foreign exchange reserves are external assets a central bank or monetary authority holds in foreign currencies — mostly government bonds, deposits and other liquid instruments denominated in dollars, euros, yen and similar. They exclude gold, SDRs and the country's IMF reserve position, which are reported separately. The figures here track FX reserves specifically unless noted as total reserves.
Allocated vs. unallocated reserves
The IMF's COFER survey (Currency Composition of Official Foreign Exchange Reserves) records the currency breakdown of reserves that reporting countries identify by currency — historically called allocated reserves. The remainder, where the currency was not disclosed, was unallocated. Starting in 2025 Q3, the IMF revised its methodology to impute the unallocated portion, so the published shares now cover 100% of disclosed reserves. Older percentages were calculated as a share of allocated reserves only.
Why countries hold reserves
Countries accumulate reserves to manage their exchange rate, intervene in currency markets, cover imports and external debt payments, and provide a buffer during financial crises or capital outflows. Export-led economies such as China and oil exporters such as Saudi Arabia tend to build especially large reserves from persistent trade surpluses, which is why holdings are so concentrated among a handful of countries.
Dollar dominance caveats
The dollar's reserve share is sensitive to valuation effects: when the dollar strengthens, the dollar value of non-dollar reserves falls, mechanically raising the dollar's measured share even with no active buying. The IMF's exchange-rate-adjusted estimates show the dollar's decline has been slower than headline numbers suggest. Reserve shares also say nothing about the dollar's roles in trade invoicing, cross-border lending or payments, where its dominance is even more pronounced.