Core Viewpoint - The book "New Currency Landscape" discusses the evolution of the international monetary system, the inherent contradictions of the existing system, and the progress and lessons of RMB internationalization, proposing strategies to advance it [1][2]. Group 1: Historical Context and Lessons - The authors highlight the historical experiences of the dollar's rise, yen internationalization, and euro's emergence, emphasizing the importance of maintaining domestic economic stability and independent monetary policy for RMB internationalization [2][3]. - The book provides a detailed account of how the Marshall Plan and Dodge Plan saved the Bretton Woods system and the dollar's international status, which is a unique perspective in domestic discourse [1][4]. Group 2: RMB Internationalization Strategies - The book suggests that cultivating and developing RMB pricing functions is crucial for its internationalization, with practical paths including promoting RMB pricing through economic aid to African countries, addressing trade deficits with neighboring countries, and facilitating commodity transactions [3][5]. - It argues that financial openness combined with a rigid exchange rate is a dangerous combination, indicating the need for careful consideration of the relationship between RMB internationalization and capital account liberalization [6]. Group 3: Current Challenges and Future Directions - The authors express that the failure of yen internationalization was largely due to the inability to maintain exchange rate stability, a challenge that has also affected RMB internationalization since 2015 due to depreciation and depreciation expectations [3][4]. - The book discusses the systemic risks associated with the diversification of reserve assets among countries, particularly in light of geopolitical tensions, suggesting that merely diversifying within traditional reserve currencies may not be sufficient [6][7].

Core Viewpoint - The book "New Monetary Landscape" discusses the evolution of the international monetary system, the inherent contradictions of the current system, and the progress and lessons of RMB internationalization, proposing strategies to advance it [3][4]. Group 1: Historical Context and Lessons - The authors provide a detailed analysis of the rise of the US dollar and the decline of the British pound, emphasizing the historical significance of the Marshall and Dodge Plans in saving the Bretton Woods system and reinforcing the dollar's international status [3]. - The book highlights two critical steps in the dollar's internationalization: the entry of major US banks into foreign markets and the Federal Reserve's support for dollar-denominated commercial paper, leading to over 50% of US trade being settled in dollars by the 1920s [4]. Group 2: RMB Internationalization Strategies - The book argues that RMB internationalization must be grounded in China's domestic economy, maintaining monetary policy independence and macroeconomic stability [5]. - It suggests that cultivating and developing the RMB's pricing function is crucial, with practical paths including promoting RMB pricing through economic aid to African countries, addressing trade deficits with neighboring countries, and facilitating RMB transactions in commodity trading [5][6]. Group 3: Comparative Analysis and Challenges - The authors analyze Japan's failed yen internationalization efforts, attributing the failure to the inability to maintain a stable yen exchange rate, which diminished its international value [5]. - The book posits that the current international monetary system's sustainability hinges on whether peripheral countries will continue to purchase US debt, which is influenced by the US's growing external debt and trade deficits [6][8]. Group 4: Financial Cooperation and Regional Currency - The book advocates for regional monetary cooperation to promote domestic financial reform and open up, aiming to establish the RMB as a regional international currency in Asia [6]. - It emphasizes the dangers of financial liberalization combined with rigid exchange rates, suggesting that the interaction between RMB internationalization and capital account liberalization requires more detailed discussion [7]. Group 5: Global Reserve Asset Diversification - The authors note that diversification of reserve assets among US allies cannot effectively mitigate systemic risks, as demonstrated by the sanctions against Russia following the Ukraine conflict [8]. - They argue for a strategic shift towards a new development pattern that prioritizes domestic circulation while reducing asymmetries in dollar assets and liabilities [8].

Core Insights - The report by OMFIF indicates that artificial intelligence (AI) has not yet become a core component of operations for most central banks globally, and digital assets are largely excluded from their investment portfolios [1][3] AI Utilization in Central Banks - A working group consisting of 10 central banks from Europe, Africa, Latin America, and Asia, managing approximately $6.5 trillion in assets, conducted the survey [3] - Over 60% of the surveyed central banks have not utilized AI tools to support their core operations, despite significant layoffs in tech companies and retail investment banks due to AI [3] - The majority of early AI applications are focused on routine analytical tasks rather than critical functions like risk management or portfolio construction [3] - Central banks are primarily using AI for basic tasks such as data summarization and market scanning [3] Digital Assets and Cryptocurrency - A significant 93% of central banks reported no investments in digital assets, maintaining a cautious stance towards cryptocurrencies like Bitcoin, despite some interest in asset tokenization [3] Global Reserve Currency Dynamics - The survey reveals a global trend towards a multipolar reserve currency system, prompting central banks to diversify their reserve assets and focus on resilience and liquidity [4] - Nearly 60% of the surveyed central banks expressed a desire to reduce their reliance on the US dollar, although the unmatched liquidity of US Treasury securities continues to support the dollar's dominant position [4] - The report notes that while the euro and Chinese yuan may benefit from the current geopolitical climate, the dollar is expected to maintain its leading role in foreign exchange reserves for the foreseeable future [4]

Core Viewpoint - International gold prices continue to rise, with spot gold surpassing $4,140, reflecting a weekly increase of over 3% [1] Group 1: Gold Price Movements - On November 11, spot gold surged by 2.85%, closing around $4,115, marking the highest closing price since October 23 [3] - COMEX gold futures rose by 2.76%, reaching $4,120.60 per ounce [3] - Domestic gold jewelry prices have increased, with Chow Sang Sang's price rising to ¥1,308 per gram from ¥1,276, an increase of ¥32 per gram [3] - Lao Feng Xiang's gold jewelry price increased to ¥1,310 per gram from ¥1,273, a rise of ¥37 per gram [3] Group 2: Central Bank Gold Reserves - As of the end of October, China's gold reserves reached 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking the 12th consecutive month of gold accumulation [10] - The World Gold Council reported that global central banks accelerated gold purchases in Q3, with a net purchase of 220 tons, a 28% increase from Q2 and a 10% year-on-year increase [10] - In the first three quarters, global central banks' net gold purchases totaled 634 tons, significantly above the average levels prior to 2022 [10] Group 3: Market Sentiment and Future Outlook - Amid deteriorating U.S. fiscal conditions and rising global tensions, central banks are increasingly accumulating gold, enhancing its perception as a safe-haven asset [11] - Analysts suggest that gold prices may maintain high volatility in the short term, but the underlying support for mid-term price increases remains intact due to rising uncertainties and global "de-dollarization" trends [11] - Predictions indicate that gold may continue its upward trend next year, with structural and cyclical opportunities likely to resonate [11]

Core Viewpoint - The recent divergence in central banks' attitudes towards gold purchases is a significant factor influencing international gold prices, which are currently fluctuating around $4,000 per ounce. This reflects a broader trend of diversifying reserve assets globally [1][2]. Group 1: Central Bank Actions - The Bank of Korea has signaled plans to increase its gold reserves for the first time in 12 years, indicating a shift in its long-term strategy towards gold accumulation [2][3]. - In contrast, the Bangko Sentral ng Pilipinas (Philippine central bank) is considering selling excess gold reserves, as the demand for gold as a safe haven has decreased. Currently, gold constitutes 13% of its international reserves, which is higher than most Asian countries [2][3]. Group 2: Market Dynamics - The Philippines initially purchased gold at approximately $2,000 per ounce, and with current prices nearing double that, the central bank sees an opportunity to realize profits [3]. - Different central banks are making varied decisions based on their assessments of gold price trends and their own reserve situations, reflecting a broader market behavior where both buying and selling occur simultaneously [3]. Group 3: Reserve Asset Diversification - The trend of diversifying reserve assets is accelerating, particularly as the dominance of the US dollar as a reserve currency is waning. Central banks are increasingly looking to gold as a stable reserve asset [4]. - Data from the International Monetary Fund (IMF) shows a decline in the dollar's share of global foreign exchange reserves from 57.79% to 56.32%, indicating a shift towards a more multipolar reserve currency system [4]. - Despite a slowdown in the pace of gold purchases this year, central banks continue to acquire gold, with a net purchase of 220 tons in the third quarter, up 28% from the previous quarter [4].

上个月，柬埔寨国家银行行长曾表示，正在考虑"几个地点"存储国家黄金，但未明确是否包括中国。据 世界黄金协会最新评估，柬埔寨央行持有约54吨黄金，占其260亿美元外汇储备的四分之一。 11月5日，彭博社援引消息称，柬埔寨将成为首批在中国储存黄金的国家之一，并指出这标志着中国推 动自身成为全球黄金中心的努力已取得早期进展。 有消息人士表示，柬埔寨计划将其部分储备存放在位于深圳保税区的金库中。 据透露，中方与柬埔寨的相关协议涉及存储新购黄金，而非转移现有库存。 消息人士还提到，除柬埔寨之外，还有其他几个国家也表达了在中国储备黄金的兴趣，正在权衡从伦敦 等传统中心分散黄金储备的好处。 各国央行负责管理储备资产。柬埔寨国家银行未立即置评。 "黄金强势的本质是美元信用弱化，"央视财经9月份曾指出，专家表示，推进储备资产多元化，已成为 全球央行的大势所趋。为应对美联储释放的降息信号，多国央行可能延续增持黄金的势头。 中国民生银行首席经济学家温彬当时表示，近期，黄金已超越欧元成为全球第二大储备资产。各国央行 加速去美元化以分散风险，黄金价格则持续突破高位。 世界黄金协会《2025年全球央行黄金储备调查》还显示，95%的受访央 ...

【文/观察者网 齐倩】 英格兰银行的地下金库资料图 彭博社称，中国和柬埔寨有着悠久的传统友谊，两国关系素来紧密。据外交部网站数据，2024年，中柬 双边贸易额178.34亿美元、同比增长20.3%。其中，中国对柬出口153.36亿美元、同比增长20.2%，自柬 进口24.98亿美元、同比增长20.7%。 报道还指出，全球各国央行一直在增加黄金储备以应对日益增长的地缘政治风险，推动黄金价格上月创 历史新高。目前，各国持有黄金大多储备在英国、瑞士和美国等传统中心。中国希望加入这一行列，成 为他国黄金的托管方，以建立一个较少依赖美元和西方中心的全球金融体系。 11月5日，彭博社援引消息称，柬埔寨将成为首批在中国储存黄金的国家之一，并指出这标志着中国推 动自身成为全球黄金中心的努力已取得早期进展。 有消息人士表示，柬埔寨计划将其部分储备存放在位于深圳保税区的金库中。 据透露，中方与柬埔寨的相关协议涉及存储新购黄金，而非转移现有库存。 消息人士还提到，除柬埔寨之外，还有其他几个国家也表达了在中国储备黄金的兴趣，正在权衡从伦敦 等传统中心分散黄金储备的好处。 各国央行负责管理储备资产。柬埔寨国家银行未立即置评。 上个月， ...

Core Viewpoint - JPMorgan analysts maintain a bullish stance on gold, predicting an average price of $5,055 per ounce by Q4 2026, based on an assumption of average quarterly investor demand and central bank purchases of 566 tons [1][2]. Group 1: Market Dynamics - The expectation of a Federal Reserve rate cut cycle is seen as a factor that will support gold prices [1][3]. - Concerns about stagflation, the independence of the Federal Reserve, and currency devaluation risks create a favorable environment for gold [1][3]. - Recent price consolidation in gold is viewed as a healthy phenomenon, reflecting market digestion of rapid gains since August [1][5]. Group 2: Long-term Demand Drivers - A trend of "de-dollarization" is prompting some overseas investors to shift from dollar assets to gold, with potential price increases if the allocation to gold rises [2][3]. - Central banks are expected to maintain strong gold purchasing rates, averaging 566 tons quarterly over the next two years [2][3]. Group 3: Institutional Outlook - JPMorgan's price target is among the most optimistic, with other institutions like HSBC, Bank of America, and Goldman Sachs forecasting lower targets for gold prices by the end of 2026 [4]. - The consensus among institutions highlights that rate cut expectations and central bank buying will be key drivers in the next two years [4][5]. Group 4: Price Performance - Gold has risen over 50% this year, and while short-term volatility is expected, it is considered part of a bull market's phase of consolidation [5][6]. - Investor risk appetite, dollar performance, and U.S. bond yield changes are identified as primary variables influencing future gold prices [5][6].

Core Viewpoint - The gold market is experiencing a bullish trend driven by global demand, geopolitical risks, and central bank strategies, with potential for prices to rise significantly by year-end [2][3][4]. Group 1: Market Dynamics - Gold is currently trading around $3,690 per ounce, showing a slight increase of 0.13% [1]. - In India, gold premiums have reached a 10-month high, indicating strong demand despite record prices [2]. - In contrast, China's gold prices are at a five-year discount, highlighting a divergence in market demand [2]. Group 2: Geopolitical Influences - Geopolitical tensions in regions such as Ukraine, Poland, and the Middle East are providing strong support for the gold market [3]. - The ongoing U.S.-China trade tensions may further escalate, adding to market uncertainty and driving gold prices higher [3]. Group 3: Central Bank Actions - Central banks globally are increasing their gold reserves as part of a de-dollarization strategy, contributing to a 43% surge in ETF holdings [2]. - This trend is expected to continue, reinforcing the bullish outlook for gold prices [2]. Group 4: Price Trends and Projections - Recent market movements show a reversal pattern, with gold prices recovering after a dip influenced by interest rate announcements [4]. - The price has risen approximately 200 points since breaking the $3,500 level, with a key resistance level around $3,705 [4]. - If uncertainties persist, gold prices could potentially reach $3,960 or even surpass $4,000 by year-end [3].

推动金价持续上涨的直接因素，包括市场对美联储即将降息的普遍预期，持续的地缘政治紧张局势，投 资者对美联储独立性的担忧，吸引大量资金涌入黄金这一传统避险资产。同时，新兴市场央行积极推动 储备资产多元化，全球各国央行的购金需求持续增长，自2022年以来全球央行购金速度增长近5倍。 自8月29日以来，国际金价开启上行走势，持续攀升，突破持续数的3200至3450美元的盘整区间，接连 刷新3500美元、3600美元历史记录，并连续多日维持在历史高位。今年以来，黄金价格已累计上涨约 40%，超过2024年27%的强劲涨幅。 受国际金价上行影响，国内首饰金价也大幅上涨，16日，主流黄金品牌金饰价格已突破1080元。各品牌 官网信息显示，周生生足金饰品价格为1091元/克，周大福、六福珠宝足金饰品价格为1087元/克，老凤 祥足金饰品价格为1086元/克，均较半月前上涨50元。 多位行业分析师提醒，在经历创纪录的飙升之后，黄金目前处于超买区间，强劲涨势短期内面临回调风 险。不过从长期来看，黄金的牛市根基依然稳固。 已连续多日保持历史高位的国际金价再次大幅飙升。9月16日，伦敦现货黄金价格突破3690美元/盎司关 口，截至发 ...