全球资产加速去美元化：黄金储备超越美债 美元信用遭遇严重挑战

Group 1 - The core viewpoint is that by 2025, the dollar's credibility faces significant challenges, with gold prices soaring and the dollar depreciating, leading to a decline in its share of global foreign exchange reserves [1][5][9] - Central banks globally are increasing their gold holdings to enhance the diversity and stability of their asset portfolios, resulting in a substantial rise in international gold prices, with over 60% increase in the London spot gold price throughout 2025 [3][9] - The dollar index has dropped from around 108 at the beginning of 2025 to approximately 98 by the end of the year, marking a cumulative decline of 9.4%, the worst performance in eight years [5][9] Group 2 - The share of the dollar in global foreign exchange reserves continues to decline, with the International Monetary Fund reporting a decrease from 57.08% in Q2 2025 to 56.92% in Q3 2025, remaining below 60% for over ten consecutive quarters, the lowest since 1995 [7][9] - The proportion of U.S. Treasury bonds in central bank reserves, excluding the Federal Reserve, fell below 25% by mid-2025, while gold's share rose above 25%, marking the first time since 1996 that gold surpassed U.S. debt in central bank reserves [9] - Experts indicate a declining risk appetite for dollar assets among global capital, suggesting that the trend of decreasing dollar share in global foreign exchange reserves is unlikely to reverse, leading to a more diversified international monetary system [9]