非美央行加速储备多元化有何深意？

Core Viewpoint - The global reserve asset landscape is undergoing a significant transformation, with non-U.S. countries' official gold reserves nearing parity with their holdings of U.S. Treasury securities, indicating a shift towards diversification in reserve assets [1][2]. Group 1: Gold Reserves and U.S. Treasury Holdings - As of November 2025, non-U.S. countries' official gold reserves exceeded 900 million troy ounces, valued at approximately $3.82 trillion based on gold prices [1]. - Non-U.S. countries held $3.88 trillion in U.S. Treasury securities as of October 2025, showing a close alignment with gold reserves [1]. - The trend of increasing gold reserves is driven by central banks' sustained and significant purchases, with a net purchase of 1,045 tons in 2024, marking the third consecutive year above 1,000 tons [1]. Group 2: Price Dynamics and Market Sentiment - The price of gold has entered a strong upward cycle, with the London spot gold price increasing over 60% in 2025 and reaching historical highs, including a peak near $4,640 per ounce in January 2026 [2]. - The increase in gold prices and the accumulation of reserves signal a declining risk appetite for dollar-denominated assets, suggesting a shift in global capital preferences [2]. Group 3: Strategic Implications of Gold Accumulation - Expanding gold reserves offers multiple strategic advantages for non-U.S. central banks, including effective hedging against the weakening of dollar credit and enhancing financial security through diversified asset allocation [3]. - Gold's properties as a safe-haven asset help countries withstand geopolitical conflicts and inflationary pressures, contributing to the stable growth of national wealth [3]. - Strengthening gold reserves can enhance the stability and resilience of national financial systems, supporting local currency settlements and aiding in the internationalization of currencies, thereby increasing countries' influence in global financial governance [3].