Goldman Sees Central Banks Buying More Yuan, Singapore Dollars

April 30, 2025, 7:50 AM UTC

South Korea, Singapore and China’s currencies are likely to be the biggest Asian beneficiaries as central banks look to diversify their reserves away from the dollar, according to Goldman Sachs Group Inc.

While the greenback and euro remain pre-eminent reserve assets, there’s scope for central banks to boost their allocations to “non-traditional” peers as the dollar’s dominance continues to ebb, strategists including Danny Suwanapruti and Rina Jio wrote in a note.

The won, Singapore dollar and yuan are the top candidates for the flows in Asia, according to Goldman. Demand for the won may rise with South Korea ...

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