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UK Banks Shift From Dollars to Euros, Gold, RMB

7/1/2026

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Story summary
  • A March-May 2026 OMFIF survey of 74 UK banks found they will cut dollar holdings over the decade, while central banks said the dollar’s reserve share fell to a two-decade low last year.
  • Banks are raising euro holdings to 29% of portfolios, up from 22%, and adding the renminbi.
  • Fifty-one percent of banks plan to increase gold holdings, citing geopolitical risk as gold prices rose over 20% this year.