全球钱袋洗牌：美元霸权终结？黄金小币种逆袭，国际储备体系加速

Core Insights - The share of the US dollar in global foreign exchange reserves has dropped to 56.32%, the lowest in nearly 30 years, and has not exceeded 60% for eleven consecutive quarters [1][3] - The International Monetary Fund (IMF) attributes this decline primarily to exchange rate fluctuations, stating that the actual drop in dollar share is only 0.13 percentage points when adjusted for these factors [3] - There is a significant shift in investment strategies, with central banks reducing their purchases of US long-term securities by 94% in the second quarter, and instead opting to buy US stocks [5][10] Investment Trends - The US stock market has rebounded by 11% in the second quarter, contributing an estimated $189.4 billion in valuation gains to global dollar reserves [5] - Central banks are increasingly favoring gold, with global official gold reserves surpassing US Treasury holdings for the first time, reaching $3.86 trillion, which accounts for 23.56% of total global reserves [13] - The demand for gold has hit record levels, with purchases exceeding the average of the past decade by 41% [13] Currency Dynamics - The share of "other currencies" in global reserves has increased by 1.42 percentage points since 2022, indicating a trend of countries bypassing the dollar in trade settlements [16][20] - The Chinese yuan has gained prominence, becoming the fourth largest payment currency globally, with over 80 countries including it in their foreign exchange reserves [20] - The ongoing trend of "de-dollarization" is reshaping the global financial landscape, moving towards a more diversified currency system [21][23] Future Outlook - The shift from a dollar-dominated system to a multi-currency framework is expected to enhance flexibility and stability in the global economy [23] - The process of transitioning away from dollar reliance will be gradual, but the trend towards a diversified monetary system is becoming increasingly clear [23]