印度储备银行（RBI，即印度央行）在其半年外汇储备报告中表示，已大幅增加其在国内的 黄金储备比例，在本财年上半年（4月至9月）期间，已将约64吨黄金运回国内。 印度一直在逐步将黄金转移回国。去年10月，印度央行从英国央行和国际清算银行（BIS）转移了102 吨黄金。报道称，俄乌冲突后俄罗斯外汇储备被西方冻结，是导致印度将黄金储备带回国的一大原因。 有报道称，自2023年3月以来，印度已经将274吨黄金运回国内。 印度投资公司"松树宏"创始人里特什·贾恩表示："在这个时代，如果你没有黄金的保管权，它就不能算 是真正属于你的"。 受美国特朗普政府加征关税的不确定性影响，今年以来，美元兑所有主要货币均出现疲软。对冲基 金"城堡"创始人肯·格林芬指出，投资者越来越认为黄金比美元更安全，而美元长期以来一直被视为全 球储备资产。 ▲印度储备银行 资料图 根据RBI的数据，截至9月底，印度储备银行（RBI）的黄金总持有量为880.18吨，其中575.82吨存放在 印度境内。剩余部分中，290.37吨存放在英格兰银行（BoE）和国际清算银行（BIS），另有13.99吨以 黄金存款的形式持有。据报道，目前印度国内存放的黄金储备 ...

Core Insights - The rising gold prices have brought the focus back to the gold reserves of various countries, highlighting gold as a crucial element of national credit and financial security [1][3]. Group 1: Gold Reserves and National Credit - Gold reserves are a vital support for national credit, providing value stability during economic turmoil and helping to avoid risks associated with currency depreciation [3]. - The United States holds the largest gold reserve at 8,133 tonnes, followed by Germany with 3,350 tonnes, while China's gold reserves stand at 2,299 tonnes, raising discussions about its adequacy given China's status as the world's second-largest economy [4][13]. Group 2: Historical Context and Economic Implications - Post-World War II, the U.S. accumulated 75% of the world's gold reserves by linking the dollar to gold, which has shaped the current global financial landscape [6]. - Germany's gold repatriation plan initiated in 2013 aimed to increase the proportion of gold stored domestically, enhancing financial sovereignty and confidence among its citizens [10][12]. Group 3: Current Trends and Future Considerations - China's gold consumption exceeded 1,000 tonnes in 2023, primarily in jewelry and bars, which do not qualify for international financial settlements, emphasizing the need for official reserves to support the internationalization of the Renminbi [15][16]. - The increase in gold prices presents both opportunities and challenges for countries, with Germany benefiting from enhanced financial stability, while China faces rising costs in its gold accumulation efforts [22].

国际金价今年飙破每克 1000 元，创下历史新高。 提到美国黄金储备，绕不开二战后的 "布雷顿森林体系"。 当时各国打完仗，货币体系混乱，美国站出来说 "大家都用美元，美元跟黄金挂钩，1 盎司黄金换 35 美元"。 这下各国放心了，纷纷把手里的黄金运到美国换成美元，美国趁机囤走了全球 75% 的黄金，这 8133 吨储备的底子，就是那时候打下的。 这波金价暴涨背后，各国央行的黄金储备成了焦点，毕竟黄金是国家信用的 "硬脊梁"，储备多寡直接关系金融安全。 美国手握 8133 吨黄金稳坐全球第一，德国 3350 吨紧随其后，可作为全球第二大经济体的中国，黄金储备是多少呢？ 金价上涨这波 "红利"，又会给三国金融安全带来天差地别的影响？ 美国黄金储备 | Country | Last | Previous | Reference | Unit O-WWW | | --- | --- | --- | --- | --- | | United States | B133 | 8133 | Jun/25 | Tonnes | | Germany | 3350 | 3351 | Jun/25 | Tonnes | | It ...

上上周日的文章跟大家提了一嘴，国内降息预期重启，预计年底国内有可能降息一次。因为，目前美联储本周四凌晨降息0.25%的概率已经逼近100%了，加 上上个月那次降息，美联储今年累计降息将达到0.5%。而今年国内只有在5月20日降息了0.1%。 换而言之，等到美联储降息后，中美利差再次拉大，人民币贬值压力降低，给了国内降息的动力。从最近一段时间的离岸人民币汇率走势来看也确实如此， 人民币更倾向升值而不是贬值。 数据来源：Wind 其次，进入4季度，宏观经济有进一步转弱的可能性。这点大家其实也非常清楚，家电国补很多地方都已经没有了，汽车国补也已经暂停了。失去补贴后， 居民消费意愿同比去年会有所下降，给今年4季度的GDP增长带来一定程度的压力。 实际上从上市公司3季度报的业绩就已经可以看出来了，很多消费股业绩已经开始炸雷，包括但不限于乖宝宠物、中炬高新（酱油）、百润股份（预调 酒），未来两天还有一大堆白酒股面临业绩考验，而恰好今天飞天茅台酒的批发价就跌破了1700元。 | | 40.27 | | (009/01/20) | DECRETEMISTE | | --- | --- | --- | --- | --- | ...

"咱国家的黄金怎么放美国了？会不会拿不回来？" 刷到 "纽约地下金库藏着中国黄金" 的消息，不少人心里犯嘀咕。甚至有人传言 "这是被美国扣押的抵押品"，越传越让人揪心。 先给结论：中国确实有部分黄金存在美国，但这不是 "被迫之举"，而是全球金融体系运转的常规操作。就像你把钱存在离家近的银行，不是怕钱丢了，而 是图存取、交易方便。 要搞懂这事，得从那个藏在曼哈顿地下的 "黄金仓库" 说起。 1. 纽约金库：全球黄金的 "公共仓库" 纽约联邦储备银行的地下金库，藏在曼哈顿岛 20 米深的基岩里，相当于七八层楼的深度。这里现在放着 60 多个国家和国际组织的近 7000 吨黄金，中国的 部分储备就在其中。 最初选这存金，是因为二战时欧洲国家怕黄金被战火毁掉，纷纷往本土没遭轰炸的美国运。美国成了 "黄金避风港"，战后也就顺理成章成了黄金存放中 心。 这金库的安全程度堪称 "铜墙铁壁"：大门重 90 吨，需三把钥匙同时插入转动才能打开；每个国家的黄金单独存放在 122 个隔间里，互不混合，称重、验纯 度都有严格流程。德国央行曾算过账，放这比自己建金库省不少保管和安保成本。 2. 美元与黄金挂钩：存美成 "交易刚需" 二 ...

Core Viewpoint - The Bank of Communications announced a change in its precious metals wallet accumulation plan, linking the minimum investment amount to real-time gold prices, reflecting the recent volatility in gold prices [1][3]. Group 1: Changes in Investment Thresholds - Starting from October 27, the minimum investment amount for the precious metals wallet will be adjusted to be greater than or equal to the real-time gold price, with increments in multiples of 100 [1]. - Other banks, including ICBC, Bank of China, and Ping An Bank, have also raised their minimum investment thresholds for gold accumulation products in October [3]. - For example, ICBC increased its minimum investment from 850 yuan to 1000 yuan, while Bank of China raised it from 850 yuan to 950 yuan [3]. Group 2: Market Context and Drivers - Gold prices have seen significant fluctuations, with a reported increase of 24% since late August, reaching historical highs [1]. - The rise in gold prices is attributed to three main factors: declining real interest rates, increasing geopolitical tensions, and central banks in emerging markets boosting their gold reserves [4]. - Recent market corrections in gold prices are linked to changes in geopolitical situations and easing concerns over the U.S. government shutdown [4].

Core Insights - In 2025, international gold prices have surpassed 1,000 RMB per gram, prompting central banks worldwide to focus on gold as a safe-haven asset [2] - The competition for gold reserves among countries reflects their financial strategies and differing security needs [3] Group 1: Gold Reserves by Country - The United States leads with 8,133 tons of gold reserves, accounting for 68.9% of its foreign exchange reserves, valued at approximately $1.7 trillion [7][9] - Germany ranks second with 3,350 tons of gold, representing 70.6% of its foreign exchange reserves, emphasizing a "safety first" principle [11][12] - China's gold reserves stand at about 2,300 tons, or 7,396 million ounces, which is only 4-5% of its total foreign exchange reserves of around $3 trillion [17] Group 2: Strategic Approaches to Gold Reserves - The U.S. maintains a centralized storage model, safeguarding not only its own gold but also that of other nations, enhancing its influence in global gold circulation [9][19] - Germany has adopted a strategy of repatriating gold, successfully bringing back 743 tons since 2013, reflecting a focus on asset control [14][23] - China has been gradually increasing its gold holdings since November 2024, averaging monthly purchases of 40,000 to 160,000 ounces, to diversify its foreign exchange reserves [17][20] Group 3: Global Trends and Geopolitical Implications - There has been a significant flow of gold towards the U.S. since December 2024, with record movements from London, Singapore, and Dubai, indicating a shift in global gold dynamics [18] - The global central bank gold purchases reached 1,136 tons in 2024, marking the third consecutive year of exceeding 1,000 tons, driven by rising geopolitical risks [22] - The ongoing "de-dollarization" trend is prompting countries like China and India to increase their gold reserves, with the first quarter of 2025 seeing over 150 tons of net purchases [22]

中国还在悄悄做一件事，数字人民币和黄金可能要捆在一起，测试里有人拿黄金当抵押，换数字凭证， 这跟欧美不一样，他们只是把钱变成电子的，没加实物撑着，中国的做法更踏实，民间也跟着动了， 2024年第三季度，中国黄金交易所每天交易额超过二百八十亿，普通人买黄金的人比五年前多了快两 成，老百姓的钱，也在帮国家少靠点美元。 俄罗斯2022年被冻了三千亿美元，全世界都愣住了，沙特2023年说不再签石油美元协议，这是自己挑的 路，两个国家都让人看见，美元没那么牢靠，美国欠的钱超过三十八万亿，外国人买美债越来越少，美 国还想靠加关税压人，比如对越南、印尼加税，结果越压，人家越躲开美元，转头去买黄金。 黄金价格涨到每盎司两千一百美元以上，纽约期货市场的持仓也创了新高，但大多数发展中国家的央行 还是只囤实物金条，从不碰纸黄金，美国自己藏着八千多吨黄金，占全球官方储备的百分之十七，可它 现在几乎不再提黄金的事，它不喊黄金最重要，说明它清楚，自己已经没法说了算。 格拉斯没说美元会崩，也没讲黄金要当老大，他只是提醒大家，一旦没人再信美元，人们就会回头去抓 那些最老、最实在的东西，黄金，这事儿不急，没人喊号子，可各国已经在悄悄行动，它不 ...

Economic Overview - In the first half of 2025, China's current account surplus increased by 186% year-on-year to $294.1 billion, marking a historical high for the same period[2] - The current account surplus accounted for 3.2% of GDP, up 2.0 percentage points year-on-year, remaining within the internationally recognized range of ±4%[2] Trade Performance - The goods trade surplus grew by 58% year-on-year to $456.7 billion, while customs-calibrated goods trade surplus increased by 34% to $584.5 billion, resulting in a significant gap of $127.8 billion between the two measures[3] - China's goods exports accounted for 14.2% of global share, a 0.1 percentage point increase year-on-year, achieving a historical high for the same period[4] Capital Account Dynamics - The capital account deficit rose by 212% year-on-year to $334.8 billion, primarily due to a shift from a surplus of $5.2 billion in the previous year to a deficit of $288.2 billion in short-term capital[12] - Net outflow of domestic investment increased by 179.4 billion to $385.9 billion, while foreign investment inflow remained relatively stable, decreasing by $26.1 billion to $67.7 billion[12] Foreign Investment Trends - Net outflow of foreign debt and equity investments increased, with net outflow of securities investment rising from $96.9 billion to $154.7 billion[16] - Foreign direct investment net inflow turned from a net outflow of $3.9 billion in the previous year to a net inflow of $31.9 billion[23] Foreign Exchange Reserves - Foreign exchange reserves increased by $115.1 billion to $3.32 trillion, the highest level since 2016, driven by the expanded current account surplus and reduced direct investment deficit[36] - The valuation effect from currency and asset price changes contributed significantly to the increase in foreign exchange reserves[36] Outlook on Debt Position - The increase in domestic capital outflow has driven the private sector's net foreign position to turn positive, indicating a potential transition towards becoming a mature creditor nation[38] - As of June 2025, the private sector's net foreign assets reached $181.9 billion, suggesting that 2025 may mark the beginning of China's journey towards becoming a mature creditor nation[41]

（原标题：乌兹别克斯坦国际储备接近550亿美元） 乌报纸网10月8日报道，乌兹别克斯坦央行数据显示，截至10月1日，乌国 际储备达549.9亿美元，创下自2013年有统计以来的最高纪录。2025年年初以 来，乌国际储备增加138亿美元，增长33.5%，其中黄金储备减少68万盎司 （21.15吨），但得益于全球金价上涨，储备价值增加41.7亿美元，达到442.4 亿美元，占总储备的80.4%；外汇储备增加7.36亿美元，达到101.8亿美元；证 券储备增加350万美元，达到10.2亿美元。 ...