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 Insights - China's foreign exchange reserve management strategy is evolving, with a notable increase in gold reserves to 74.06 million ounces, reflecting a commitment to optimizing reserve structure [1] - The simultaneous increase in gold holdings and reduction in U.S. Treasury bonds has sparked significant market interest and discussion [2][3] - The strategy of increasing gold reserves while adjusting U.S. Treasury holdings indicates a complex decision-making process rather than a simple asset replacement logic [9] Group 1: Gold Reserves - China's gold reserves reached a historical high of 74.06 million ounces as of September 2024, following a steady net purchase strategy [1] - In the past 11 months, China has cumulatively increased its gold holdings by 2.26 million ounces, although the monthly increase in September 2024 dropped to 40,000 ounces [5] - The increase in gold reserves is characterized by a response to price movements, as evidenced by the COMEX gold price surpassing $4,000 per ounce during China's National Day [5] Group 2: U.S. Treasury Bonds - China has significantly reduced its holdings of U.S. Treasury bonds, ranking third globally in the scale of reduction, with Japan and the UK holding more [2][3] - The adjustments in U.S. Treasury holdings have shown volatility, with China increasing its holdings by $8.5 billion in November 2024, followed by reductions in subsequent months [3] - The overall trend of increasing U.S. Treasury holdings by many economies contrasts with China's dual approach of increasing gold and reducing U.S. bonds, highlighting a lack of support for the "de-dollarization" narrative [9] Group 3: Strategic Implications - The relationship between gold and U.S. Treasury bonds as strategic reserves has inherent limitations, with China's gold reserves still significantly lower than those of the U.S. and Germany [7] - The global liquidity of gold is constrained by limited supply, which affects its viability as a large-scale alternative to U.S. Treasury bonds [7] - China's foreign exchange reserve management reflects a diversified approach, focusing on optimizing reserve structure while balancing currency risk and asset yield [9]