金砖支付系统由金砖国家共同推动建设，旨在打造一个独立于美元体系和SWIFT 网络之外的跨国支付与本币结算架构。 作为全球南方国家在金融基础设施层面的战略协作成果，该体系的核心目标，是帮助成员国摆脱对单一货币与外部清算体系的过度依赖，提升金融自主权和 系统安全性。 近日，CIPS+、金砖支付系统（BRICS PAY）达成战略联动。这一合作标志着中国现有的跨境人民币清算能力，与正在崛起的金砖本币结算网络实现了首次 系统性融合，为全球用户打开了"第二套国际支付体系"的新时代窗口。 在国际金融格局深刻重塑的背景下，单一货币主导的跨境支付体系正面临地缘政治、交易成本与系统安全等多重挑战。各国，尤其是全球南方国家，越来越 意识到过度依赖美元与SWIFT所带来的外部风险，迫切希望构建一条独立于美国体系之外，更加安全、多元、具有自主性的全球支付网络。 在这一时代需求下，中国的 CIPS（人民币跨境支付系统）已成为全球最重要的人民币清算基础设施，而金砖国家推动的 BRICS PAY，则致力于建立去美元 化、本币直接结算的新框架，为全球贸易提供真正可选择的第二条金融通道。 CIPS+作为CIPS沙盒计划的重要创新平台，承担着连接 ...

Core Viewpoint - China is increasing its gold reserves while reducing its holdings of US Treasury bonds, signaling a shift in its financial strategy amidst global economic uncertainties and the declining credibility of the US dollar [3][10][25]. Group 1: China's Gold Reserves - On December 7, the People's Bank of China announced its latest gold reserve data, revealing a total of approximately 21,013 tons, marking 13 consecutive months of increases [6][10]. - The continuous accumulation of gold is seen as a strategic move to diversify foreign reserves and enhance financial security, especially as the US faces a debt crisis [10][12]. - China's gold purchases are occurring despite rising international gold prices, indicating a commitment to strengthening its financial position [10][12]. Group 2: US Debt and Financial Stability - The US national debt surpassed $38 trillion in October, with interest payments nearing 20% of the federal budget, raising concerns about the safety of US Treasury bonds [6][8]. - The Federal Reserve's interest rate cuts have failed to restore market confidence, further damaging the dollar's credibility [8][14]. - There is widespread speculation that Trump's upcoming visit to China may involve requests for China to support US debt, but China's actions suggest a reluctance to comply [8][25]. Group 3: Global Financial Trends - The International Monetary Fund (IMF) reported that the dollar's share in global foreign exchange reserves fell to 56.32%, the lowest in 30 years, indicating a decline in its dominance [14][20]. - Emerging economies, including India and Saudi Arabia, are increasingly diversifying their reserves away from the dollar, with significant increases in gold repatriation and local currency settlements [14][16]. - The trend towards de-dollarization is evident as countries seek to establish a multi-polar financial system, reducing reliance on the US dollar [20][23]. Group 4: China's Financial Strategy - China is actively promoting the internationalization of the renminbi, with significant increases in the use of the currency for trade settlements, particularly in commodities like iron ore and oil [18][20]. - The growth of China's gold reserves is part of a broader strategy to enhance its influence in global finance and provide a financial safety net for neighboring countries [20][27]. - The recent surge in demand for Chinese sovereign bonds, with a subscription rate of 30 times for a $4 billion issuance, reflects growing confidence in China's financial stability compared to the US [23][25].

在阅读这篇文章之前，如果您能点击一下"关注"，我会非常感谢。这样我们更方便交流，我也会努力为您带来更多优质内容。 不知道大家有没有留意到这样一条消息，一直在大举囤积黄金的俄罗斯，最近做法有点不一样了。它没有继续买进，反而开始卖出相当大的一部分。这可不 是普通的市场操作，要知道，他们为了积累这些黄金，已经默默坚持了二十多年。现在突然转向，背后肯定有更深层的原因。 黄金这个东西，从古至今都被大家认可是最靠得住的价值象征。特别是在时局不稳或者货币信用动摇的时候，它的作用就格外突出。过去二十多年里，俄罗 斯利用出口石油和天然气赚来的大量外汇，很执着地换成了金条，存进了自己的国库。这么长时间的积累，让他们稳稳进入了全球黄金储备的前几名。 对于俄罗斯来说，这些黄金远不止是一笔资产那么简单。它更像是国家经济安全的"定海神针"，是用来应对最极端情况的最后保障。那么，一个很自然的问 题就来了：为什么现在要开始卖掉这些"压箱底"的宝贝呢？ 最表面的解释，可能是他们急需用钱。自从俄乌冲突爆发，西方各国启动了一轮又一轮严厉的制裁，冻结了俄罗斯在海外的大量资产，还把其主要银行排除 在国际结算系统之外。国家要运转，军事行动也需要持续投入 ...

南方财经21世纪经济报道特约撰稿王应贵 今年以来，贵金属的涨势惊人，主导了大宗商品市场。继今年3月，金价突破了3000美元/每盎司的关口 之后，10月初再次突破4000美元，14日、15日更是接连涨破4100、4200美元两个关口，最高触及4210美 元/盎司。截至10月15日下午5时，今年黄金（期货主力合约）已累计上涨了60.13%，并拉动白银上涨 72.57%，完全碾压了标准普尔500指数（12.97%）、纳斯达克指数（16.63%）和比特币（20.82%）。反 观作为世界的硬通货币，美元指数（包括一篮子货币：欧元、日元、英镑、瑞士法郎、加拿大元和瑞士 克朗）却跌了8.76%。 最近几年，国际地缘政治风险增大，许多国家中央银行滥施货币政策，在超低利率时期政府大量举债， 导致通货膨胀持续。不少国家特别是新兴市场国家以及机构和个人投资者重新认识到黄金的安全性和避 险功能,"乱世买黄金"再次成为投资界的至理名言。 黄金有两大属性：贵重金属（商品）和金融投资。由于黄金的物理特性（导电性能、耐用性、光泽度和 延展性），黄金广泛用于电子、牙科、航空和国防工业以及珠宝行业。作为金融产品，在人类历史上大 部分时间里，黄金 ...

Core Viewpoint - The "Mar-a-Lago Agreement" aims to restructure global economic governance through high tariffs, dollar depreciation, debt swaps, multilateral currency negotiations, and security fees, indicating potential challenges for the dollar system [1] Group 1: Dollar System Challenges - The internal dilemma of the dollar's reserve status stems from its provision of global liquidity since the Bretton Woods system, leading to persistent trade and current account deficits [6] - The demand for dollars and U.S. Treasury bonds is driven by strategic, risk-averse, and national security considerations rather than trade balance [6] - The implementation of the "Mar-a-Lago Agreement" could trigger a sell-off of dollar assets, although the current domestic holding of U.S. Treasuries exceeds foreign holdings, which may mitigate drastic market reactions [6] Group 2: Trade Policies and Currency Dynamics - High tariff policies may narrow the U.S. trade deficit in the short term but cannot fundamentally alter trade structures or address the hollowing out of manufacturing [11] - A single trade policy is insufficient to disrupt the currency landscape; a macro-level approach involving coordinated policies across trade, fiscal, monetary, and industrial sectors is necessary [15] - Even if trade balances change, the distribution of international monetary power may not shift correspondingly due to institutional inertia [15] Group 3: Global Monetary Governance - The global monetary governance structure will not rapidly restructure due to short-term maneuvers; it requires a systematic replacement path involving technology, governance capabilities, and legal foundations [16] - The "Mar-a-Lago Agreement" could negatively impact China’s economy and industries, particularly in electronics, metallurgy, and transportation equipment sectors [16] - Under unilateral pressure and currency depreciation, China's manufacturing sectors, especially in high-tech fields like semiconductors, may face significant losses [20] Group 4: Future of Currency Systems - The U.S. is attempting to create a new global currency anchor system involving "dollars + gold + digital dollars," necessitating China to propose systematic institutional options for participation [21] - The current trade disputes are evolving into currency wars, highlighting the need for the renminbi to establish its own safe asset attributes and financial institutional discourse power to challenge the dollar's dominance [21]