申万宏源:黄金是在定价美元信用吗?

申万宏源
03 Jan

摘要2022年以来,央行购金明显加速,主流叙事将之解读为“美国赤字率高企引发的去美元化”。黄金是在定价美元信用吗、如何理解金价的演绎?本文分析,可供参考。(一)“去美元化”的进程在加速吗?局部而非全面,整体而言并未“加速”近年来,全球范围的“去美元化”进程,整体而言并未加速。第一,流通手段:2022年以来,美元在国际支付中份额从39.9%升至2024年11月的47.7%。第二,贮藏手段:除俄罗斯等...

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