据中信建投证券周君芝分析师团队12月26日发布的宏观深度报告，2025年是黄金历史上无法绕开的一个年份。当前全球央行黄金储备已达3.6万 吨，接近布雷顿森林体系时代的高位。按市场价格计算，"黄金价值已经突破4万亿美元"。更具标志性意义的是，"去年黄金占全球外汇储备的比 例已经升至20%，超越16%的欧元，仅次于46%的美元，一举成为全球第二储备资产"。 在金价大幅上涨的背景下，央行作为"不可忽视的购买力量"，其操作细节正受到市场高度关注。报告指出，近年央行购金不仅规模大、速度快， 还展现出"黄金回家"等非常规操作。然而，关于央行如何买金、在何地窖藏黄金等微观细节，市场往往缺乏系统认知。尤其是"当前共知的世界黄 金协会给定数据，并非央行购金全貌"，部分基于战略需求的增持行为隐藏在传统追踪渠道之外。 随着全球央行黄金储备逼近布雷顿森林体系时代水平，其购金渠道与存储策略正发生深刻变化。 隐秘的买家：央行如何"扫货"？ 中信建投分析师周君芝、陈怡在报告中详细拆解了央行购金的微观机制。各国央行主要通过两种方式增持黄金：一是通过全球场外交易（OTC） 市场，二是购买本国生产的黄金。 伦敦OTC市场的"非实物移动" 世界黄 ...

Core Viewpoint - The article discusses the rationale behind China storing a significant amount of its gold reserves in the United States, highlighting the historical context and practical benefits of this decision. Group 1: Historical Context - The Bretton Woods system established in 1944 linked the US dollar to gold, making the dollar a global standard for trade and finance [3][5] - The US emerged as the dominant economic power post-World War II, leading countries to store gold in the US for easier international transactions [5][7] Group 2: Practical Benefits - Storing gold in New York, the world's largest gold trading market, allows for efficient transactions without the need for physical movement of gold, saving on costs and time [9][11] - The high security of the Federal Reserve's underground vaults in New York provides a safe storage solution for gold reserves [11] Group 3: Risk Management - China's gold reserves are approximately 2,300 tons, with 600 tons stored in the US, which is a manageable proportion considering the vast amount of gold held privately in China [13][15] - The strategy of diversifying gold storage helps mitigate risks associated with geopolitical tensions and potential loss of assets [15][17] Group 4: Future Considerations - The article notes a growing trend among countries to repatriate gold as a strategic measure against potential geopolitical risks, indicating a shift in global financial dynamics [23] - China is currently weighing the pros and cons of maintaining its gold reserves in the US, with the possibility of repatriation if international financial conditions change significantly [25]