你可能从未想过，一个国家的黄金储备存放选择，能成为全球金融体系变迁的风向标。 2025年11月初，彭博社披露的一则消息却正是如此：柬埔寨计划将 部分国家黄金储备存放到中国深圳保税区的金库中。 这个决定，让柬埔寨成为首批公开将黄金储备托管于中国的国家之一。 尽管柬埔寨央行持有的约54吨黄金（占其260亿美元外汇储备的四分之一）在全球范围内并不算庞大，但这一举动被视为中国推动自身成为全球黄金中心努 力取得的早期进展。 黄金的传统家园与信任裂痕 过去几十年，各国有种不成文的惯例：将黄金锁在伦敦、纽约或苏黎世的专业金库里。 这些西方金融中心凭借百年信誉、成熟的清算体系以及与美元的深 度绑定，承载了全球约60%的央行黄金储备。 这背后是二战后建立的"布雷顿森林体系"遗留的影响，即便该体系在1971年崩溃，其惯性依然强大。 2022年俄乌冲突爆发后，美国及其盟友冻结俄罗斯大约3000亿美元海外资产的行动，犹如一颗"金融核弹"，惊醒了许多国家。 大家突然意识到，存放在传 统中心的资产，在特定政治条件下可能不再安全，甚至从"资产"变为"人质"。 这种担忧引发了一场静默的变革。 土耳其、匈牙利、波兰等国开始将黄金从伦敦和纽约运 ...

Core Viewpoint - Cambodia's decision to store part of its gold reserves in China signifies a strategic shift towards the Chinese financial system, reflecting a growing trust in China's financial security and a move away from reliance on the Western dollar system [1][3][10] Group 1: Cambodia's Gold Reserves - Cambodia's central bank is moving newly acquired gold reserves to China while keeping its existing stock intact, indicating a cautious yet strategic approach [3] - The country holds 56 tons of gold, which constitutes a quarter of its foreign exchange reserves, highlighting the importance of this decision for national financial security [3] Group 2: Trust in China's Financial System - Storing gold in China is seen as a dual insurance strategy, protecting against potential asset freezes by the West and aligning with China's rising financial influence [3][5] - China's gold market is recognized for its large scale, strong liquidity, and robust legal framework, making it an attractive option for other nations [5][7] Group 3: De-dollarization Movement - Cambodia's actions represent a tangible step in the global trend of "de-dollarization," as it moves gold to China without formal announcements or meetings, demonstrating a practical approach to reducing dependence on the dollar [5][9] - Other countries in Southeast Asia, Africa, and the Middle East are observing Cambodia's move, with some already exploring China's gold storage systems [5][9] Group 4: Shift in Global Financial Dynamics - The transfer of gold to China signals a potential reconfiguration of global financial dynamics, where gold trading, pricing, and storage may no longer be solely reliant on Western systems [9] - As more countries consider moving their reserves to China, the international status of the renminbi is likely to rise, reflecting a shift in financial trust from the West to the East [7][9]