UBS survey: Central banks expect multipolar currency system

Of the roughly 40 central banks surveyed, 48% expect central bank currency diversification over the next five years to create a more multipolar set-up that centres on the US dollar, the euro and the yuan, UBS said. — Reuters

NEW YORK: Nearly all central bank reserve managers surveyed by UBS expect a more multipolar world in the coming years and almost half expect currency reserves to reflect that, though they are also cooling towards China’s yuan, the bank says.

Of the roughly 40 central banks surveyed, 48% expect central bank currency diversification over the next five years to create a more multipolar set-up that centres on the US dollar, the euro and the yuan, UBS said in its annual reserve management seminar survey.