中国挑战美元霸权！黄金回归：中国正在重建全球货币体系

Core Viewpoint - The article discusses the emerging challenge to the US dollar's global dominance, highlighting China's efforts to rebuild a trust system for currency using gold, marking a revolutionary shift in the concept of money [1]. Group 1: Dollar Trust Erosion - For decades, over 70% of global foreign exchange reserves were tied to dollar assets, with countries relying on US Treasury bonds to safeguard their wealth [3]. - The freezing of approximately $300 billion of Russia's foreign reserves by the US in 2022 shattered this trust, signaling that the dollar is not merely an asset but a liability of the US [3]. - This incident prompted central banks worldwide to reduce their holdings of US Treasuries and increase their gold reserves, with China emerging as the largest official gold buyer [3]. Group 2: China's Gold Corridor - China has established a "Gold Corridor" centered around the Shanghai Gold Exchange, which is the largest physical gold market globally, supported by a network of vaults in Hong Kong, the Middle East, and Africa [6]. - This system allows countries holding renminbi to directly exchange it for physical gold, effectively transforming the renminbi into a reserve currency backed by gold [6]. - The initiative aims to create a parallel financial system to the US dollar, bypassing traditional systems like SWIFT and the IMF, with a focus on BRICS nations [6]. Group 3: Future of Gold in Finance - By July 2025, gold will be recognized as a level one asset under Basel III, allowing it to be counted at 100% value on banks' balance sheets, restoring its status as a monetary asset [6]. - Central banks are pushing for gold to be classified as a "high-quality liquid asset," which would enable it to be used for collateral in repurchase financing, fundamentally altering the global financial system [6]. Group 4: Diverging Financial Systems - A clear division is emerging between two financial systems: one led by China and the BRICS, anchored in gold, and the other by the US and the West, based on digital dollars and stablecoins [9]. - This transformation is already impacting asset prices, with central banks and sovereign funds averaging 20% of their reserves in gold or equivalent physical assets, with recommendations to increase this to 30% [9]. - The anticipated increase in gold demand could reach approximately $2 trillion globally, as gold cannot be printed like dollars, suggesting a potential "structural revaluation" of gold prices in the next five years [9]. Group 5: Investment Strategies - Investment strategies are becoming clearer, with recommendations for strategic allocations in gold ETFs, cyclical assets like copper and other metals, and innovative assets such as Bitcoin [9]. - Assets denominated in renminbi, including government bonds, blue-chip stocks, and commodities, are expected to benefit from the trend of de-dollarization, becoming new safe havens as global capital exits the dollar system [9]. Group 6: Trust in Currency - Gold represents a return to "trust," while Bitcoin symbolizes "innovation in trust," together forming the dual pillars of the post-dollar era [11]. - The future may see a diversified currency landscape, with China rebuilding tangible trust through gold and the US maintaining institutional trust through technology [11].