Last year, almost half of Russia’s US$640 billion of gold and forex reserves were frozen.
Over 85% of the 85 sovereign wealth funds and 57 central banks that took part in the annual Invesco Global Sovereign Asset Management Study believe that inflation will now be higher in the coming decade than in the last. One central bank, quoted anonymously, said: “We did have it held in London… but now we’ve transferred it back to own country to hold as a safe haven asset and to keep it safe.”
A growing 7% believe rising US debt is also a negative for the greenback, although most still see no alternative to it as the world’s reserve currency. Those that see China’s yuan as a potential contender fell to 18%, from 29% last year. Concerns over China mean India remains one of the most attractive countries for investment for a second year running, while the “near-shoring” trend, where companies build factories closer to where they sell their products, is boosting the likes of Mexico, Indonesia and Brazil.
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