黄金超越美国债，央行“严选”

Core Insights - The proportion of gold in global central bank reserves has surpassed that of U.S. Treasury bonds for the first time since 1996 [1] - As of August 2025, the value of gold reserves held by central banks is approximately $4.5 trillion, significantly exceeding the $3.5 trillion in U.S. Treasury bond reserves [1] - The share of U.S. Treasury bonds in total reserves has been declining, currently at 23%, down from over 30% in the 2010s, while gold's share stands at 27% [1] - Central banks are increasingly favoring gold over U.S. Treasury bonds, contributing to the rise in gold prices [1] - On the trading day, the price of gold in Shanghai increased by 0.43%, closing at 938.1 yuan per gram [1]