美国37万亿债务压顶，中国悄然出手，连续增持黄金，有什么深意？

Core Insights - The People's Bank of China (PBOC) continues to increase its gold reserves despite high international gold prices, indicating a strategic long-term approach rather than short-term speculation [1][12] - As of September 2025, China's gold reserves reached 74.06 million ounces, marking the 11th consecutive month of accumulation, although the latest increase was modest at 40,000 ounces [3][12] - China's gold reserves account for only 7.7% of its official international reserve assets, significantly lower than the global average of around 15% and much less than countries like Germany and France, which exceed 70% [3][12] Strategic Rationale - The primary motivation for increasing gold reserves is to diversify the foreign exchange reserve portfolio, as gold has a low correlation with major currencies like the US dollar and euro, providing a hedge against currency fluctuations [5][12] - The current geopolitical climate, characterized by uncertainties such as trade tensions and rising national debt, has led to decreased trust in the US dollar, prompting central banks globally to increase their gold holdings [5][7] - Gold is viewed as a universally accepted "last means of payment," making it a critical asset for national financial security, especially in extreme situations [7][12] Global Context - In Q2 2025, global central banks collectively increased their gold reserves by 166 tons, with notable purchases from Poland, Turkey, and Qatar, reflecting a broader trend of central banks seeking to bolster their gold holdings [7][12] - The PBOC's actions signal a commitment to supporting the internationalization of the renminbi, as gold backing enhances the currency's credibility [7][9] - The shift in global reserve dynamics is evident, with the US dollar's share in global foreign exchange reserves declining to historical lows, while gold and other assets are expected to gain prominence [11][12]