世界黄金协会：黄金是否符合巴塞尔协议III下的优质流动性资产标准?

Core Viewpoint - Gold is not officially classified as a High-Quality Liquid Asset (HQLA) under Basel III, yet its performance during crises aligns with that of medium- and long-term U.S. Treasury bonds, suggesting it possesses the characteristics of HQLA [1][5]. Group 1: Basel III Framework and Gold's Positioning - Basel III regulatory requirements were first published in 2010, with most provisions implemented since 2019, and the final version expected to take effect in July 2025, although potential delays are anticipated [2]. - The London Bullion Market Association (LBMA) clarified that gold is classified as a zero-risk-weight Tier 1 asset for capital requirements but is not defined as HQLA for liquidity coverage ratio (LCR) purposes [4]. Group 2: Characteristics of HQLA - Gold exhibits low risk, being a non-credit-risk asset, and its valuation is straightforward and determined by market equilibrium [6]. - Gold serves as an effective diversification tool with low correlation to risk assets, often performing well during crises [7]. Group 3: Market-Related Characteristics of Gold - The gold market is large and liquid, with an average daily trading volume exceeding $120 billion in the over-the-counter (OTC) market [8]. - Gold's volatility is comparable to that of 30-year U.S. Treasury bonds and lower than that of individual stocks [8]. - Gold attracts investment during risk periods, demonstrating a negative correlation with the stock market [9]. Group 4: Recent Performance Analysis - A report indicates that gold has shown typical HQLA characteristics over the past six months, including stability during market shocks, with volatility comparable to or better than medium- and long-term U.S. Treasury bonds [10]. - Gold's bid-ask spread remains narrow during market stress, similar to that of 10-year and 30-year U.S. Treasury bonds [10]. - Daily trading volume for gold remains robust, comparable to that of 10-year U.S. Treasury bonds, indicating market depth and activity [10].