管涛：美元储备份额稳定难掩国际货币体系多极化趋势︱汇海观涛

Core Viewpoint - The stability of the US dollar's reserve share does not contradict the accelerating trend of a multipolar international monetary system, despite recent discussions about "de-dollarization" and the impact of US economic policies [1][11]. Group 1: Dollar Reserve Share Data - As of the end of Q1 this year, the US dollar accounted for 57.74% of global foreign exchange reserves, a slight decrease of 0.05 percentage points from the previous quarter but an increase of 0.46 percentage points from the previous year's low [2]. - The dollar's reserve share has remained below 60% for ten consecutive quarters, marking its lowest level since data collection began in 1999 [11]. Group 2: Foreign Investment in US Securities - In Q1, net inflows of international capital into US securities reached $447.5 billion, significantly higher than the $43 billion net inflow in the same period last year [3]. - Official foreign investment in US Treasury securities totaled $38,356 billion by the end of Q1, with a net purchase of $138.3 billion, reflecting a year-on-year increase of 114% [5]. - The total balance of official foreign investment in four major categories of US securities was $65,671 billion, with a net purchase of $91.5 billion, representing a growth of 15.8% [8]. Group 3: Trends in Other Reserve Currencies - In Q1, the euro, pound, and Swiss franc reserves increased by $58.7 billion, $61 billion, and $68.4 billion respectively, although these increases were lower than the dollar's reserve growth [9]. - The share of non-traditional reserve currencies has risen, with a cumulative increase of 1.84 percentage points from Q1 2022 to Q1 2025, surpassing the decline in the dollar's share [12]. Group 4: Gold as a Reserve Asset - The global gold reserve ratio has increased from 13.8% to 22.7% between Q1 2022 and Q1 2025, indicating a significant shift towards gold as a reserve asset [13]. - By the end of Q1 this year, gold reserves accounted for 20% of global reserve assets, making it the second-largest reserve asset after the dollar [14]. Group 5: Central Bank Attitudes Towards Gold - A recent survey indicated that 95% of central banks expect to continue increasing their gold reserves over the next 12 months, reflecting a growing preference for gold as a hedge against economic and geopolitical uncertainties [15].