央行连续增持，黄金超越美债成全球最大储备资产

Core Viewpoint - The People's Bank of China (PBOC) has reported an increase in gold reserves, reaching 74.15 million ounces by the end of December 2025, marking the 14th consecutive month of growth, although the monthly increase of 30,000 ounces is at a low level for the past 10 months [1][3]. Group 1: Gold Reserves and Market Trends - As of December 2025, China's gold reserves stand at 74.15 million ounces, up from 74.12 million ounces the previous month, indicating a modest increase [3]. - The increase in gold reserves aligns with market expectations, driven by geopolitical changes and rising international gold prices, which have seen a significant increase of approximately 65% in 2025 [3][4]. - The World Gold Council (WGC) reported that global central banks net purchased 45 tons of gold as of November 2025, maintaining a high level of demand despite a slight decrease from October [6]. Group 2: Global Gold Reserve Dynamics - The total value of global official gold reserves has surpassed that of U.S. Treasury securities for the first time in 30 years, with U.S. gold reserves exceeding 900 million troy ounces valued at $3.93 trillion [7]. - This shift indicates a fundamental change in global reserve holdings, as countries reduce their exposure to the U.S. financial system amid concerns over dollar depreciation and geopolitical risks [8]. - Analysts predict a bullish outlook for gold prices, with UBS raising its price target to $5,000 for the first three quarters of 2026, reflecting increased market demand for safe-haven assets [8].