2023-11-09-世界银行-2023年储备管理调查报告_对公共资产管理的见解（英）-2023.10-79页_79页_4mb

报告摘要

Reserve Management Survey Report 2023 - Key Insights

Reserve Challenges in 2022: Global reserves dropped ~9.3% in 2022, with low-income countries and developing nation central banks facing the steepest declines due to US dollar strength and interest rate hikes. Currency interventions and valuation losses were key drivers.
Governance Improvements: Investment committees gained decision-making authority, and tranching remains widespread for diversification.
Conservative Allocation: Traditional assets (e.g., USD-denominated government bonds, gold, money market instruments) dominate reserves (avg. ~74%). Non-traditional assets (~13.6%) remain limited.
Duration Adjustment: Many central banks slightly reduced portfolio duration (~1 month) to mitigate rising rates, but changes were modest.

Currency Dominance: USD (62.6%) and EUR (22.1%) remain primary reserves. Currency eligibility expanded slowly, with growing inclusion of CNY and AUD.
Nontraditional Assets: Corporate bonds (avg. 2.5%) and inflation-indexed bonds (1.3%) saw minor increases but were still niche.
Regional Differences: High-income countries allocate more nontraditional assets, while low-income nations rely heavily on traditional liquidity instruments.

Credit Risk: 89% rated investments as high-quality, but methodologies diversified: 75% use credit ratings, 68% use market indicators, and 58% deploy internal models.
Market/Liquidity Risk: Only ~43% used probabilistic tools (e.g., VaR), highlighting a gap in risk management sophistication.
Volatility & ESG: Market volatility and inflation were top challenges, alongside staff shortages and limited ESG liquidity.

Adoption Growth: 34% integrate ESG, with high-income regions leading. Environmental factors drove adoption more than social/governance issues.
Constraints: Balancing traditional objectives (safety/liquidity) with sustainability goals remains a challenge. Low Supply of sustainable instruments and expertise gaps hinder broader adoption.
Reporting: Carbon footprint is the most common ESG metric (63%).

Legacy Systems: ~89% use on-premise IT, despite slow upgrades; 63% have considered cloud-based solutions.
Digitalization Lag: Only 61% are upgrading systems, often citing legacy infrastructure. Tools like ISO 20022 and Straight-Through Processing (STP) are IT priorities.

Workforce Shortages: Central banks face deficits in ESG expertise (~41%), IT skills (e.g., cybersecurity), and high staff turnover.
Training Budgets: Lack of funding for technical training (~56%) limits capacity building.
Decentralization: Investment and risk management functions often coexist in the same department.

Decision-Making: Boards set strategic policy; investment committees gain autonomy.
Transparency: High-income countries disclose ~3.7 metrics vs. ~1.9 in low-income nations (e.g., duration, risk metrics). Peer collaboration accelerates reserve management innovation.

Resilience Despite Adversity: Central banks weathered 2022’s challenges without altering core strategies significantly.
Risk Framework Gaps: Probabilistic risk tools are underutilized (~43% active risk limits).
ESG & Tech Frontiers: Slower adoption in emerging markets, but momentum driven by geopolitical shifts and regulatory pressures.

This summary highlights key trends, challenges, and opportunities across governance, asset allocation, risk management, ESG, and technology adoption.

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