Central banks realized that they had acted too late and too weakly against rising prices. The rise in inflation and then future monetary tightening are at the top of their concerns, according to the annual survey (1) of the HSBC bank. In February-March, she questioned 82 central banks managing 7.300 billion dollars of reserves, that is to say half at the global level. They have an essentially bond and monetary management of their financial security cushion. Their managers are faced with the consequences of their employer’s decisions on interest rates. Their activity is also independent, in order to avoid that their managers know the decisions on the rates before they are made public.
Three-quarters of central bank managers who place the geopolitical risk linked to the war in Ukraine at the top of their concerns belong to European institutions. Only one central bank out of 82 plans to invest in the ruble in the next 5 to 10 years and none is currently invested there. Conversely, the renminbi is becoming unavoidable. One out of two institutions has invested part of its reserves in Chinese currency (government bonds and increasingly bank debt) and more than a quarter want to invest there in the more or less near future.