抛美债、买黄金！早在特朗普加征关税前，印度央行便已有所行动

Core Insights - India is gradually reducing its reliance on US Treasury bonds while increasing its gold reserves, indicating a strategic shift in asset allocation [1][2] - The Indian central bank's gold reserves have risen significantly, reaching approximately 880 tons as of July, compared to 841.5 tons a year earlier [1] - The Indian government is diversifying its reserves, with current foreign exchange reserves around $694 billion, ranking fourth globally [1] Group 1 - The value of US Treasury bonds held by India decreased from $235.3 billion in May to $227.4 billion in June, down from approximately $242 billion a year ago [1] - The Reserve Bank of India is accelerating the repatriation of gold reserves, with domestic gold reserves now at 512 tons, significantly higher than 292 tons in September 2020 [1] - Geopolitical tensions, particularly following the freezing of Russian assets by the US, are influencing central bank decisions globally, prompting a shift towards gold [1][2] Group 2 - The ongoing trade tensions between the US and India, exacerbated by tariffs imposed by the Trump administration, are contributing to India's strategic asset diversification [2] - Concerns over the potential for asset freezes and sanctions are driving central banks to seek diversified asset allocations and reduce dependence on the US dollar [2] - Former Deputy Governor of the Reserve Bank of India, Michael Patra, emphasized the importance of diversifying reserves to mitigate risks associated with geopolitical crises [2]