连续11个月增持黄金，单月减持257亿美元美债！中国“欲去美债化”？

Core Viewpoint - The People's Bank of China has continued to increase its gold reserves, net buying 40,000 ounces in September, bringing the total to 74.06 million ounces, a historical high, marking 11 consecutive months of net purchases since November 2024 [1][3] Group 1: Gold Reserves - The current gold reserve of 74.06 million ounces is equivalent to over 2,000 tons, significantly lower than the reserves of the US (8,300 tons) and Germany (3,300 tons) [7] - The recent increase in gold reserves has been characterized by a monthly average of only 11.5 thousand ounces over the past 11 months, which is one-fifth of the average increase of 53.5 thousand ounces from November 2022 to May 2024 [5][7] - The increase in gold reserves is closely tied to price movements, with a notable reduction in purchasing when gold prices are high, reflecting a strict cost control logic [7][11] Group 2: US Treasury Bonds - In contrast to the consistent increase in gold reserves, China's operations in US Treasury bonds have shown significant volatility, with a pattern of alternating increases and decreases from November 2024 to July 2025 [4][5] - As of July 2025, China has reduced its holdings of US Treasury bonds by $25.7 billion in a single month, the largest reduction in nearly a year, bringing the total holdings to $730.7 billion [2][4] - The overall trend shows that while some countries are reducing their US Treasury bond holdings, the total foreign holdings have increased from $8.43 trillion in July 2024 to $9.16 trillion in July 2025, indicating a contrasting strategy among major economies [9][11] Group 3: Strategic Implications - The dual strategy of increasing gold reserves while reducing US Treasury bond holdings has sparked discussions about a "de-dollarization" strategy, although this perspective lacks comprehensive support [3][9] - The management of foreign exchange reserves by China reflects a diversification strategy, with gold purchases aimed at optimizing reserve structure and bond adjustments reflecting a dynamic balance of asset returns and currency risk [9][11] - The current operational model is not merely a "de-dollarization" or a simple replacement of gold for bonds, but rather a comprehensive decision-making process based on market conditions and strategic objectives [11]