中国连11个月买黄金， 应对美元风险，筑牢人民币硬信用

Core Viewpoint - The central theme of the articles is the continuous increase in gold reserves by the central bank, reflecting a strategic shift in response to global financial changes and a desire to enhance the safety and stability of foreign exchange reserves [1][21]. Group 1: Gold Reserves and Strategy - As of the end of September, the central bank's gold reserves reached 74.06 million ounces, an increase of 40,000 ounces from August, marking 11 consecutive months of gold purchases [1][21]. - Gold currently constitutes approximately 3.8% of the total foreign exchange reserves, which is significantly lower compared to developed countries like Germany and the U.S., where gold makes up over 60% [5][6]. - The official gold reserves amount to 1,948 tons, ranking sixth globally, but still far behind the U.S. reserves of 8,133 tons [6]. Group 2: Shift in Investment Strategy - Historically, the focus was on maintaining liquidity through U.S. Treasury bonds, but recent instability in the dollar has prompted a reevaluation of this strategy [8][10]. - The gradual increase in gold purchases is seen as a smart move to enhance safety without abruptly selling off U.S. debt, which could destabilize markets [10][21]. - This trend is not isolated; global central banks have been net buyers of gold since 2010, with 2023 potentially seeing record purchases [11][21]. Group 3: Global Context and Implications - Countries like Russia and Turkey are also diversifying their reserves by reducing dollar assets and increasing gold holdings, indicating a broader trend of seeking stability outside of single-currency reliance [13][15]. - The shift towards gold is viewed as a response to the risks associated with relying solely on credit currencies, with gold providing a hedge against geopolitical and economic uncertainties [15][21]. - The central bank's strategy is aligned with global financial governance, aiming to bolster the international credibility of the renminbi by enhancing its backing with gold [17][19].