Global central bank balance sheets are becoming more differentiated, with international capital targeting emerging markets.

Recently, data released by the Bank for International Settlements shows that the balance sheets of the Federal Reserve and the European Central Bank have decreased from their peaks, while the balance sheets of central banks in some emerging market countries such as India and Brazil are catching up. This means that the differentiation of global central bank balance sheets may further intensify. Analysts believe that this "tightening and loosening" is due to differences in economic fundamentals and currency status. Looking ahead to 2026, the trend of differentiation is expected to continue and will have a profound impact on global capital flows, driving funds towards emerging markets, while the structural adjustment towards "de-dollarization" of official reserves may continue.