当国际黄金价格触碰4000美元大关，并不断创下历史记录的同时，中国央行却依然在疯狂购买黄金。 央行持续购买黄金 根据10月7日央行发布的数据，截止9月份中国拥有外汇储备33387亿美元，比8月份增长0.5%，跟重要 的是，我们还购买了4万盎司黄金，这意味着中国已经连续11个月增持黄金。 为什么黄金大涨，央行还要购买黄金呢？先说结论：央行买黄金不仅非常必要，而且未来一段时间内， 央行都将持续购买黄金。 央行为啥要狂买黄金？ 央行为啥要一直购买黄金？主要原因有很多。首要的原因是因为中国"缺金"。 虽然中国是全球第二大经济体，但是我们的外汇储备规模一直都比较畸形。我们储备的美元资产，特别 是美国国债非常多，但是黄金却很少。 算上这次，央行已经连续11个月增持黄金了 数据来看，黄金在中国央行外汇储备中的资产占比仅有7%左右。全球的平均水平则高达15%，甚至欧 洲一些国家的黄金占比高达50%以上。从这个角度来看，中国拥有长期购买黄金的基本盘和需求。 第二个原因在于应对复杂多变的国际形势。 随着特朗普上台以后，不仅中美之间贸易战重新开打，全球的贸易战也同样打响。这个时候国际贸易就 存在严重不确定性，再加上美国不断的制裁世 ...

而且，这些国债，大部分都是美国人自己买的，外国投资者大概只持有24.6%。也就是说，美债超过七成都是美国内部消化。 不过最近中国选择了再次减持美债257亿美元，持仓降至7307亿美元，成为2008年以来最低持仓水平。当然，中国也是美国第三大海外债主。 同时，这也是我们今年以来第四次减持美债，具体看看今年的操作： 1月增持18亿美元、2月增持235亿美元，3月至5月分别减持189亿美元、82亿美元、9亿美元，6月小幅增持1亿美元，7月则大幅减持257亿美元，持仓规模 再创新低。 也就是说，虽然期间也有几次增持，但是总体来说，今年今年前7个月，我国美债持仓规模仍然是下降的。 显然，此举对于美国来说不会太高兴。毕竟咱们持续减持美债有可能会动摇美债的市场表现和美元霸权，这意味着美国大动脉都被切了，而且咱们这么做 就明摆着是不打算为美国的衰退买单。 克林顿：把美债干到5.67万亿美元。 小布什：干到10.2万亿美元。 奥巴马：干到19.5万亿美元。 特朗普：债干到27.7万亿元。 拜登：干到35万亿美元。 现在美国国债已经达到37.2万亿美元，比整个美国一年的经济总量（GDP）还高出20%，赤字率达到一战水平，超过15 ...

最近，中国持续减持美国国债的消息频频登上财经热搜。根据美国财政部2025年7月发布的数据，中国 在当月就减持了257亿美元的美债，折合人民币约1829亿元，持仓规模下降至7307亿美元。 这一数字不仅创下2009年以来的新低，也意味着中国如今已经退居美国第三大海外债主，排在日本和英 国之后。 要知道，从2022年开始，中国就开启了持续减持美债的节奏：2022年减持1732亿美元，2023年减持508 亿美元，2024年减持573亿美元。而到了2025年，减持的力度显然更猛。 更惊人的是，2025年，全球央行持有的黄金总市值，首次超过了他们手中的美债市值，这是自1996年以 来头一回。如今黄金已经成为全球第二大央行储备资产，占比达到20%，仅次于美元的46%。欧元则以 16%排在第三。 中国的策略很明确：减持美债是为了降低风险敞口，增持黄金是为了提升资产安全性，同时也是为人民 币国际化铺路。毕竟黄金不受任何单边制裁的影响，是对冲美元风险的"压舱石"。 减美债、买黄金，中国打的是一盘怎样的棋？ 那为什么中国要这么做？原因其实很清晰：首先，美国的债务问题越来越严重。到2025年，美国国债已 经突破了37万亿美元。信 ...

7月中国巨额抛售美债，金融版图悄然重塑 2025年7月，中国金融市场掀起巨澜：一口气抛售了价值257亿美元的美国国债，平均每日"清仓"超过8亿美元。这一惊人举措，不仅令华尔街坐立不安，更 将中国持有的美债总额骤降至7307亿美元，创下自2009年以来的历史新低，相较于2013年1.3万亿美元的巅峰时期，已然腰斩。 然而，当中国大幅减持美债之际，全球金融版图却上演着令人玩味的"反转剧"。英国在此期间疯狂涌入413亿美元美债，而日本也增持了38亿美元。这截然 相反的操作，映射出一场静默进行中的全球金融势力重构。 告别"美债依赖"，中国步伐稳健 黄金作为一种非主权信用储备资产，不受单边制裁的影响，能够有效对冲单一货币风险，特别是美元的波动。这正是中国优化外汇储备结构战略的重要组成 部分。目前，中国黄金储备占国际储备资产的比例仅为7.3%，远低于15%的全球平均水平。若要将黄金占比提升至10%，中国仍需增持约2000万盎司黄金。 中国减持美债并非一日之寒。早在2022年4月，中国的美债持仓便已跌破万亿美元大关，自此便开启了持续性减持的轨迹：2022年全年累计减持1732亿美 元，2023年减少508亿美元，2024年 ...

近日，美国财政部公布的2025年7月国际资本流动报告显示，中国当月减持257亿美元（约合人民币1829亿元）美国国债，持仓规模降至 7307亿美元，创2009年以来新低。 与此同时，中国央行已经连续10个月增持黄金。 中国持续减持美债 美元指数自特朗普上任已跌超10% 这是中国2025年以来第四次减持美债。从美债持仓变动来看，中国减持趋势已延续多年。自2022年4月持仓跌破1万亿美元后，减持步伐 持续，2022年、2023年、2024年分别减持1732亿美元、508亿美元、573亿美元。 2025年以来，中国减持美债力度有所加大，年内各月持仓呈"增减持交替、减持为主"态势，1月增持18亿美元、2月增持235亿美元，3月 至5月分别减持189亿美元、82亿美元、9亿美元，6月小幅增持1亿美元，7月则大幅减持257亿美元，持仓规模再创新低。 值得注意的是，7月美债前三大海外债主中，日本、英国选择增持，中国的减持动作尤为突出。 据第一财经报道，中国民生银行首席经济学家温彬表示，今年以来，美国关税政策引发市场恐慌，且美国财政状况也受到国际社会广泛 担忧，美债尤其是长债存在被抛售的现象，同时欧洲长债被抛售也对美债市场有 ...

Core Viewpoint - As of the end of August, China's foreign exchange reserves reached $33,222 billion, marking an increase of $299 billion from the end of July, with a growth rate of 0.91% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have remained above $3.2 trillion for 21 consecutive months, indicating stable economic performance and resilience [2] - The increase in reserves is attributed to factors such as changes in major economies' monetary policies and macroeconomic data, leading to a decline in the US dollar index and an overall rise in global financial asset prices [1][2] Group 2: Economic Indicators - The decline in the US dollar index was influenced by weaker US economic data and heightened expectations for a Federal Reserve rate cut, following disappointing non-farm payroll numbers and stable inflation levels [1] - Despite rising expectations for a rate cut in September, uncertainties remain due to ongoing inflation increases and relatively low unemployment rates in the US [1] Group 3: Gold Reserves - As of the end of August, China's official gold reserves stood at 74.02 million ounces, with an increase of 60,000 ounces from the previous month, marking ten consecutive months of gold accumulation by the central bank [2] - The proportion of gold in China's official international reserves is significantly lower than the global average, suggesting a potential direction for future increases in gold holdings to optimize reserve structure and support the internationalization of the renminbi [2]

Core Viewpoint - The recent surge in gold prices is primarily driven by a decline in the US dollar index and US Treasury yields, alongside rising market risk aversion due to trade tariff uncertainties and potential EU countermeasures against the US [1][2] Group 1: Gold Price Movement - On July 22, spot gold prices broke through the $3,400 per ounce mark, reaching a high of $3,433.49 per ounce, the highest since June 16, and closed at $3,431.2 per ounce, up 1.02% [1] - As of July 23, spot gold continued to trade above $3,420 per ounce, indicating sustained high levels [1] - The decline in the 10-year US Treasury yield to approximately 4.338% and a drop in the 2-year yield to 3.833% contributed to lower opportunity costs for holding gold [1][2] Group 2: Macroeconomic Factors - Trade tariff concerns are reigniting risk aversion, with the new round of US tariffs set to take effect on August 1, and the EU discussing potential countermeasures [2] - The Federal Reserve's upcoming FOMC meeting on July 31 is expected to influence market sentiment, with renewed expectations for interest rate cuts despite low probabilities for a July cut [2] - The ongoing geopolitical tensions and rising inflation pressures are likely to maintain a bullish outlook for gold prices in the medium to long term [4][5] Group 3: Central Bank Gold Purchases - Global central banks are expected to purchase a net total of 1,136 tons of gold in 2024, marking the second-highest level in history, with China, Poland, and Turkey being the top buyers [3] - 95% of surveyed central banks plan to increase their gold holdings over the next 12 months, the highest percentage since 2019 [3] - Central banks are increasing gold reserves to optimize foreign exchange reserve structures and mitigate risks associated with single currency fluctuations [3][4] Group 4: Strategic Implications for China - China's central bank's gold purchases align with the internationalization of the renminbi, enhancing its role in the global monetary system [4] - The People's Bank of China reported an increase in gold reserves to 73.9 million ounces (approximately 2,298.55 tons), marking a continuous expansion over eight months [2][4] - The strategic accumulation of gold by the central bank is seen as a move to bolster confidence in the renminbi amid a complex international environment [4]

Group 1: Central Bank Gold Purchases - The People's Bank of China reported that as of June 30, 2025, the country's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the previous month, marking the eighth consecutive month of net gold accumulation [3] - Global central bank net gold purchases reached 1,136 tons in 2024, the second highest on record, with the top three buyers being China, Poland, and Turkey, accounting for over 50% of total purchases [3] - 95% of surveyed central banks plan to continue increasing their gold holdings in the next 12 months, the highest percentage since the survey began in 2019 [3] Group 2: Retail Investor Activity - South Korean investors have traded over $5.4 billion in A-shares and Hong Kong stocks as of July 15, 2025, with a monthly trading volume in February reaching $782 million, nearly doubling from the previous month [4] - Notable stocks attracting South Korean investors include Xiaomi, BYD, and CATL, with net purchases of approximately $170 million, $93.1 million, and $60.9 million respectively [4] - Bridgewater Associates has adopted a more optimistic investment strategy in the Chinese market, reporting a 5.8% return in Q2 and a total return of 13.6% for the first half of the year, increasing its allocation to Chinese stocks [4] Group 3: Hong Kong IPO Market - The Hong Kong IPO market has seen a surge in activity, with over HKD 100 billion raised in the first half of 2025, significantly exceeding levels from the past three years [5] - Foreign cornerstone investors have increased their investment amounts and proportions in Hong Kong IPOs, accounting for 45.2% of the companies listed as of June 30, 2025 [5]

Core Viewpoint - The People's Bank of China has significantly increased its gold reserves, reflecting a global trend among central banks to purchase gold amid economic uncertainties and geopolitical risks [1][2][3]. Group 1: Gold Reserve Increase - As of June 2025, China's gold reserves reached 73.9 million ounces (approximately 2,298.55 tons), marking an increase of 70,000 ounces from the previous month and continuing a net increase for eight consecutive months [1]. - The monthly gold purchase volume by the People's Bank of China has shown a "high then stable" trend since resuming purchases in November last year, with an average monthly increase of 60,000 to 160,000 ounces from January to June 2025 [2]. - In 2024, global central banks' net gold purchases reached 1,136 tons, the second highest on record, with China, Poland, and Turkey accounting for over 50% of the total purchases in the first quarter of 2025 [2]. Group 2: Strategic Implications - The increase in gold reserves aligns with the internationalization of the Renminbi, providing a physical asset support for the currency's role in the global monetary system [3]. - Despite the continuous increase in gold reserves, China's gold holdings still lag behind those of some developed economies, indicating a potential for ongoing accumulation in the future [3]. - The People's Bank of China may adjust the pace of gold purchases based on policy objectives and market conditions, especially given the current high gold prices and increased volatility [3]. Group 3: Market Dynamics - The central bank's gold purchases may provide some support for gold prices, but do not guarantee a consistent upward trend, as historical instances show that increased purchases can coincide with declining prices [4]. - The pricing of gold is influenced by various factors, including geopolitical tensions and the strength of the US dollar, leading to differing expectations among global investment institutions regarding future price movements [5][6]. - Investors are advised to approach gold investments cautiously, considering the potential for price corrections and the importance of long-term holding strategies [7][8].

Group 1 - The recent rebound in gold prices is influenced by three main factors: dovish signals from the Federal Reserve, renewed trade tensions, and increased gold purchases by the People's Bank of China [1] - The Federal Reserve is expected to start cutting interest rates as early as September, with a total of two rate cuts anticipated by the end of the year [1] - The People's Bank of China has increased its gold reserves for eight consecutive months, with a notable addition of 70,000 ounces in June, bringing total reserves to 73.9 million ounces [1] Group 2 - China's central bank's strategy of increasing gold reserves is seen as a response to external financial shocks and aims to optimize the structure of foreign exchange reserves [2] - Gold is viewed as a non-sovereign credit reserve asset that can effectively hedge against risks associated with single currencies like the US dollar, especially in the context of trade wars and economic uncertainty [2] - Despite the continuous increase in gold reserves, China's holdings still lag behind those of developed economies, indicating potential for further accumulation of gold [2]