中国央行的操作更具战略耐心。 2025年1月增持16万盎司，而10月仅增持3万盎司，呈现"低量多次"的特点。 这种节奏与金价波动形成微妙平衡：既避免推 高成本，又持续优化外汇储备结构。 目前黄金占中国外汇储备比重升至8.89%，仍远低于全球央行15%的平均水平，未来增持空间充足。 黄金储备与人民币国际化直接挂钩。 中国人民银行行长潘功胜在2025年陆家嘴论坛指出，人民币已成为全球第三大支付货币。 中国与30多个国家开设人民 币-黄金兑换通道，推动贸易结算去美元化。 柬埔寨甚至计划将黄金储备存放于深圳保税区金库，这可能引发连锁效应，加速黄金定价权东移。 2025年11月14日，国内黄金市场出现罕见分化：投资金条价格低于970元/克，而周大福足金饰品高达1333元/克，价差超300元。 这种分层源于黄金属性的分 裂，既是避险资产，又是社交货币。 清晨6点，北京某金店的销售员打开系统，看到周大福的金饰标价已跃至1333元/克。 柜台前，一位年轻顾客反复比对着两款古法金手镯的工费标签，最终 刷卡买下了单价更高的那件"攒金不如攒钱？ 现在得反过来了。 "与此同时，中国央行最新数据显示，截至2025年10月末，黄金储备已 ...

Group 1 - The establishment of the Saudi delivery warehouse at the Shanghai Gold Exchange marks a significant shift in global financial dynamics, challenging the long-standing "dollar-oil" structure and promoting the renminbi as a new pricing power alongside gold [1] - The Shanghai gold pricing benchmark is expected to emerge as a third pole alongside London and New York gold markets, enhancing the demand for renminbi assets and driving a chain reaction of "pricing power-currency demand-asset growth" [1] - The recent US-China trade negotiations have led to a temporary suspension of tariffs, positively impacting market sentiment and resulting in significant gains in US and Chinese stock indices [2][3] Group 2 - The Chinese bond market has reached a scale of 183 trillion yuan, making it the second largest globally, with foreign investment in domestic bonds increasing significantly [4] - The inclusion of Chinese bonds in major global indices since 2019 has enhanced their attractiveness, with a total return rate of 4.8% in 2023, outperforming US and European government bonds [4] - The establishment of the Saudi delivery warehouse is a crucial step in the internationalization of the renminbi, allowing overseas investors to trade gold directly in renminbi, thus broadening the access to offshore renminbi [5] Group 3 - The renminbi has appreciated against the US dollar, driven by China's economic resilience, with forecasts suggesting further strengthening in the coming months [6] - China's GDP has consistently surpassed significant milestones, contributing 30% of global economic growth even amid a sluggish global economy [6] - The ongoing financial market reforms and the internationalization of the renminbi are expected to position it as a safe haven for global investors, reshaping the investment landscape [7]