全球资产加速去美元化 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] - 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] - 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] 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] - The value of gold reserves, when converted to dollars, has increased due to soaring gold prices, with gold's share in central bank reserves surpassing that of U.S. Treasury bonds for the first time since 1996, rising to over 25% [9] - Experts indicate a declining risk appetite for dollar assets among global capital, suggesting that the downward trend in the dollar's share of global foreign exchange reserves is unlikely to reverse, leading to a more diversified international monetary system [9]