Central banks are diversifying reserves gradually away from the dollar, according to the Official Monetary and Financial Institutions Forum's Global Public Investor survey. The dollar continues to dominate portfolios and is still considered unmatched for safety and liquidity but central banks increasingly expect to reduce their exposure to the currency over the short and long term, especially in emerging markets. For the first time since the survey began recording reserve managers' long-term intentions in 2023, more central banks plan to decrease their dollar holdings than increase over the next 10 years. The euro and renminbi remain the main alternatives. However, the euro lacks a single, deep, safe asset market while the renminbi remains constrained by market structure and geopolitical concerns. (renae.dyer@wsj.com)