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Is the writing on the wall for the dollar?
As doubts grow around the foundations of dollar dominance, investors and reserve managers are reconsidering what stability means in a more fragmented landscape, writes Yara Aziz, senior economist, OMFIF.
Contrasting views
The dollar endures, but for how long?
Reports of the currency’s demise are greatly exaggerated, writes Massimiliano Castelli, head of strategy and advice, sovereign institutions, UBS Asset Management.
Dollar demise predictions may be premature
While the administration’s actions may erode the currency’s dominance, it is not going anywhere soon, writes Mark Sobel, US chair, OMFIF.
US asset diversification is mostly talk
The dollar will remain default and other currencies will have to earn their higher status, writes Geoffrey Yu, senior EMEA markets strategist at BNY.
Is the tide turning on the dollar?
A weaker dollar amid US policy volatility is creating opportunities for other currencies, but there is no real alternative yet, writes Jens Søndergaard, currency analyst at Capital Group.
The dollar’s free lunch era is over
Lower returns and higher risk mark a change in dynamics for the US currency, writes Aaron Hurd, senior portfolio manager, currency group, State Street Investment Management.
What are the alternatives?
Brics currencies are no realistic alternative to the dollar
Discussions about de-dollarisation fall short when it comes to finding a credible replacement for the dollar in cross-border transactions, writes Herbert Poenisch, senior research fellow at Zhejiang University.
How cryptocurrencies accelerate geopolitical shifts
Liberal democracies and regulators must confront the challenges posed by crypto to the traditional financial system and the dollar, writes Christopher Smart, managing partner of Arbroath Group.
Why investors are eyeing Japan
As de-dollarisation accelerates, Japan has an opportunity to move closer to the limelight, writes Jesper Koll, global ambassador and expert director, Monex Group, Japan.
European safe assets are back in focus
Europe has a strategic opportunity to develop its own safe asset, write Pierpaolo Benigno, professor of monetary economics at the University of Bern, and Edoardo Reviglio, visiting senior research scholar at Yale Law School.
Gold
Gold as a weapon of war
Countries have historically turned to gold in periods of instability, and today’s environment is no different, writes Harold James, Claude and Lore Kelly Professor in European Studies at Princeton University.
Central banks are turning back to gold
The role of gold is changing, write Michael Paulus, head of public sector banking, Asia, Alberto Torres, head of public sector banking, LATAM, Sunil Kaushik, head of precious metals solutions, APAC, Natalie Tsui and Tobias Cheung, public sector banking, Asia at Citi.
Reserve managers overwhelmingly reject digital assets
OMFIF’s Global Public Investor 2025 found that not a single central bank surveyed holds any digital assets, and 93% have no intention of doing so. The conservativism extended beyond distributed ledger technology assets to the technology itself: 82% of respondents neither use it nor intend to in future, even though some of their central bank digital currency teams are getting ready to do so.
After Liberation Day: gold, rates and currency shifts
Max Castelli, head of strategy for sovereign institutions at UBS Asset Management, joins Yara Aziz, senior economist at OMFIF, to unpack the global reserve response after 2 April – a date proclaimed by President Donald Trump as Liberation Day.
Getting liquidity where it is needed
Nat Benjamin, executive director of financial stability strategy and risk at the Bank of England, joins OMFIF to outline key considerations to foster a steady-state liquidity environment that supports stability and growth.
Dive deeper into diversification
OMFIF’s flagship Global Public Investor series explores the investment strategies of central bank reserve managers, public pension funds and sovereign funds across the world. Over the past year, 160 global public investors with over $24tn in total assets have engaged with our market-leading reports and events in this series.