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TopicDisconfirmAI EditorialUpdated 2026-11-10 19:10

欧元区央行黄金迁回

5 steps1 pieces6 Sources

自2013年起,德国、荷兰和法国等欧元区央行陆续将黄金储备从美国迁出。美联储工作人员Colin Weiss在FEDS笔记中指出,尽管这些央行减少了在美国的黄金托管,但其外汇储备中的美元占比并未显著下降,这与俄罗斯和土耳其在迁金同时大幅减持美元的行为形成鲜明对比。【背景】此次迁移主要出于对地缘政治风险及制裁可能性的担忧,同时也为了提升黄金在危机时刻的流动性和可获取性。例如,荷兰央行近期将86吨黄金从北美移至伦敦,以增强“危机准备”。然而,分析显示,对于欧元区央行而言,持有美元资产的经济收益仍被认为超过潜在成本,因此它们继续维持大部分外汇储备为美元资产。这一趋势反映了全球央行在战略自主性与金融效率之间的重新平衡。

How it got here

  1. 2013-01-01

    德国开始将约五分之一的在美黄金迁回国内,至2017年完成。

    federalreserve.gov ↗
  2. 2014-11-21

    荷兰将约五分之二的在美黄金迁回阿姆斯特丹。

    federalreserve.gov ↗
  3. 2025-07-01

    法国开始将其剩余的美联储托管黄金迁出,至2026年初完成全部撤出。

    federalreserve.gov ↗
  4. 2026-03-01

    荷兰央行宣布将86吨黄金从美国和加拿大移至伦敦,以提升交易便利性。

    bbc.com ↗
  5. 2026-11-09
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美联储发布FEDS笔记,指出欧元区央行迁金未导致美元储备份额显著下降。

federalreserve.gov ↗

What is still unsettled

  • 其他欧元区国家(如意大利、西班牙)是否会跟进大规模迁金行动?
  • 地缘政治紧张局势进一步升级是否会导致美元在外汇储备中的实际占比出现结构性下降?
  • 伦敦作为新的黄金托管中心,其基础设施能否承受更多央行的集中需求?

Sources

  • federalreserve.gov美联储FEDS笔记:欧元区央行将黄金迁出美国,并未减持美元储备↗
  • bbc.comBBC: Why are European countries moving their gold out of North America?↗
  • english.elpais.comEL PAÍS: Spain faces dilemma of what to do with its gold deposited at the US Federal Reserve↗
  • dw.comDW: Why are European banks moving gold out of United States?↗
  • fortune.comFortune: Europe sent its gold to the U.S. for safekeeping during World War II. Central banks are now reshuffling their reserves for a new era of uncertainty↗
  • the-european.euThe European: European central banks move gold out of U.S as ‘geopolitical risks’ mount↗

Coverage in this topic

  • Federal Reserve FEDS Note: Euro Area Central Banks Relocate Gold from the U.S. Without Reducing U.S. Dollar Reserves2026-11-10News

    In a FEDS note, Federal Reserve staff member Colin Weiss examines cases where Germany, the Netherlands, and France relocated gold reserves from the United States since 2013, finding that these central banks did not significantly reduce their share of U.S. dollars in foreign exchange reserves during the relocation, contrasting with Russia and Turkey, which substantially cut dollar holdings while moving gold.