管涛：美元储备份额稳定难掩国际货币体系多极化趋势

Core Viewpoint - The article discusses the stability of the US dollar's reserve share despite the ongoing trend of de-dollarization and the impact of US economic policies under Trump, highlighting the complexities of international currency dynamics and capital flows [1][14]. Group 1: Dollar Reserve Share Stability - As of the end of Q1 this year, the dollar's share in global foreign exchange reserves was 57.74%, a slight decrease of 0.05 percentage points from the previous quarter but an increase of 0.46 percentage points from the previous year's low [2][11]. - The dollar's reserve share has remained below 60% for ten consecutive quarters, marking a significant decline from around 70% in the early 2000s, indicating a trend towards a multipolar international monetary system [14][15]. Group 2: Capital Flows and Foreign Investment - In Q1 this year, the net inflow of international securities capital into the US was $447.5 billion, significantly higher than the $43 billion in the same period last year, with private foreign investment showing a notable recovery [6][11]. - Official foreign investment in US securities totaled $65.671 trillion, with a net purchase of $91.5 billion, reflecting a 15.8% increase [11]. Group 3: Composition of Foreign Holdings - Official foreign investors held $38.356 trillion in US Treasury securities, an increase of $175.9 billion from the end of last year, with net purchases of $138.3 billion, a 114% year-on-year increase [8][9]. - The holdings of US stocks by official foreign investors decreased by $112.2 billion, with net sales of $26.9 billion, indicating a shift in investment strategy [9][10]. Group 4: Trends in Other Reserve Currencies - The share of non-traditional reserve currencies has increased, with a cumulative rise of 1.84 percentage points from Q1 2022 to Q1 2025, surpassing the decline in the dollar's share [15]. - The share of gold in global reserves has risen significantly, with central banks increasingly favoring gold as a hedge against economic and geopolitical uncertainties [20][21].