多国央行正在系统性调整黄金储备的存放地点。1荷兰央行近日公告已将约86吨黄金从美国纽约和加拿大渥太华转移至英国伦敦，其纽约储存比例由31.3%降至18.5%。1法国央行今年4月披露其在美国的黄金托管库存已实现清零。1德国联邦银行在2013年至2017年间累计调回674吨黄金，其中从纽约调回300吨、从巴黎调回374吨。1
在全球范围内，央行调整黄金储备的趋势正在强化。1根据调查，76家受访央行中有9%增加了境内黄金存放量，高于去年的5%；10%的央行实现黄金海外存放地点进一步多元化，高于去年的2%。1展望未来，74%的央行储备管理者预计未来5年美元在全球储备中的占比将下降；84%的受访央行预计黄金占储备的比例将上升。1
截至2025年年底，黄金在全球官方储备资产总额中的占比已超越美国国债，成为全球官方储备第一大资产。1专家认为这一现象反映了各国央行降低对美元资产依赖的战略意图。1前海开源基金首席经济学家杨德龙指出，"很多国家在纽约联邦储备银行存放的黄金面临着运不出来的风险"。1上海社会科学院研究员徐明棋表示，"各国央行把存放在美国的黄金储备逐步转出，已经成为一种趋势"。1
Central banks worldwide are systematically relocating their gold holdings out of American custody, signaling a broader effort to reduce reliance on dollar-based assets. The Dutch central bank recently announced it has transferred approximately 86 tons of gold from storage facilities in New York and Ottawa to London, reducing the proportion of its reserves held in New York from 31.3% to 18.5%.1 This move is part of a larger reshuffling among major economies, with France and Germany implementing similar adjustments to their reserve deployments.1
The trend reflects growing momentum toward currency diversification among central banks. France's central bank completed the withdrawal of all its gold from US custodial storage in April of this year,1 while Germany's federal bank repatriated a cumulative 674 tons of gold between 2013 and 2017, including 300 tons from New York and 374 tons from Paris.1 Among 76 surveyed central banks, 9% have increased domestic gold holdings—up from 5% the previous year—and 10% have expanded their geographic diversification of overseas storage locations, compared to just 2% in the prior year.1 By the end of 2025, gold has surpassed US Treasury holdings to become the largest official reserve asset globally.1
Forward-looking sentiment among reserve managers reinforces this shift. Seventy-four percent of central bank reserve managers expect the dollar's share of global reserves to decline over the next five years, while 84% anticipate an increase in gold's proportion of their reserves.1 According to Yang Delong, chief economist at Qianhai Kaiyuan Fund, "much of the gold stored at the Federal Reserve Bank of New York faces the risk of being unable to be withdrawn."1 Shanghai Academy of Social Sciences researcher Xu Mingqi characterized the outflows as an established pattern: "Central banks' gradual transfer of gold reserves from the United States has become a trend."1
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