黄金创纪录的上涨正在帮助中国挑战特朗普和美元

⾦条在中国杭州⼀家珠宝店展示。摄影：Ni Lifang/VCG/Getty Images Markets市场|The Big Take重⼤要点 Gold’s Record Rally Is Helping ChinaChallenge Trump and the Dollar⻩⾦创纪录的上涨正在帮助中国挑战特朗普和美元 Beijing is seizing the opportunity to offer up an alternative to USfinancial dominance. ByYihui Xie October 9, 2025 at 3:05 PM GMT+8 BPC > disable Dark Reader or enable JavaScript for siteBPC >禁⽤Dark Reader或为⽹站启⽤JavaScript A scorching 北京已经积累储备⼗年，建⽴了可能位居全球第六的黄⾦库存。如今这⼀贵⾦属的急速上涨正为其⾏动提供⽀持。周三，黄⾦⾸次突破每盎司4,000美元⼤关——部分原因归咎于总统Donald Trump在国内外的反复⽆常政策。 gold rallyis helping China get one step closer to its goal of building a world lessdependent on US-centric financial markets. ⼀波炽热的黄⾦涨势正帮助中国朝着构建⼀个对以美国为中⼼的⾦融市场依赖更⼩世界⽬标更进⼀步。 Beijing has already been accumulating reserves for a decade, building a bullionstockpile that is likely to be the sixth-largest in the world. Now the metal’svertiginous ascent is adding support to its campaign. On Wednesday, goldsmashed through $4,000 an ounce for the first time — partly thanks to PresidentDonald Trump’s erratic policies at home and abroad. 北京已经积累储备长达⼗年，建⽴了可能成为世界第六⼤规模的⾦条库存。现在，这种⾦属的急剧上涨正在为其⾏动提供⽀持。周三，黄⾦⾸次突破每盎司4,000美元⼤关——部分原因在于美国总统唐纳德·特朗普在国内外政策上的反复⽆常。 The record-breaking surge has put bullion front of mind at a time of risinginternational tension and fraying loyalties, and officials are seizing the moment. 这⼀史⽆前例的飙升使黄⾦在国际紧张局势加剧与忠诚度松动之际成为关注焦点，官员们正在抓住这⼀时机。 So far this year, Beijing has boosted Hong Kong’s role as a homegrown tradinghub with the Shanghai Gold Exchange’s first-everoffshore vault. It has alsosoughto wooother nations to store gold in China’s bonded warehouses. Next it isexpected to encourage central banks and sovereign funds to trade the metalthey’ve stored, just as they do in London, chipping away at the world’s most established centers. 今年迄今为⽌，北京通过上海黄⾦交易所⾸个离岸⾦库，提升了⾹港作为本⼟交易枢纽的⾓⾊。它还试图吸引其他国家将黄⾦存放在中国的保税仓库。接下来预计会⿎励央⾏和主权财富基⾦像在伦敦那样交易它们所储存的⾦属，逐步削弱世界上最既定中⼼地位。 ⼀名⼯⼈在安徽铜陵⽣产⾦锭。摄影：Guo Shining/VCG/Getty Images “All the factors are aligned — countries are diversifying reserves, geopoliticalvolatility is elevated, alternative payments and systems are on the rise,” said DingShuang, chief economist for Greater China & North Asia at Standard CharteredPlc. “China is already the world’s biggest gold producer. It now wants to push forits role in the financial system when there is least resistance.” “所有因素都已对齐——各国在分散储备，地缘政治波动上升，替代⽀付和体系正在兴起，”渣打银⾏⼤中华及北亚⾸席经济学家丁爽表⽰。“中国已经是世界上最⼤的黄⾦⽣产国。现在在阻⼒最⼩的时候，想推动其在⾦融体系中的作⽤。” Gold is a way of achieving multiple aims in one fell swoop. Holding a greater shaof the world’s bullion market would bring Beijing closer to the international rolebelieves it deserves. The metal would support use of the yuan currency, andcould even give Hong Kong a lift. 黄⾦是“⼀箭多雕”的⼿段。掌握更⼤份额的全球⾦条市场，会让北京更接近其⾃认应得的国际地位。这种⾦属将⽀持⼈民币的使⽤，甚⾄可能提振⾹港。 Most importantly, it allows China to offer up an alternative to US financialdominance as Washington cranks up the use of sanctions and alienates even longstanding trade partners. 最重要的是，当华盛顿加⼤制裁使⽤并疏远即便是长期贸易伙伴时，黄⾦让中国能够提供⼀个对抗美国⾦融主导地位的替代⽅案。 Gold Has Broken Through Multiple Records⻩⾦已突破多项纪录 A US government shutdown has increased the attraction of bullion美国政府停摆提⾼了实物⾦的吸引⼒ Gold prices have roughly quadrupled in a decade, blowing past $2,000 during thpandemic and then $3,000 back in March, as Trump’s tariffs loomed. Everyone, from government officials to gold-barbuyersat Costco Wholesale Corp., is feelinthe impact. The momentum for the epic rally came partly from the advent ofexchange-traded funds at the turn of the millennium, which have made it fareasier to bet on the metal, and later from central bank enthusiasm. Central bankaccounted for more than a fifth ofglobal demandlast year — in contrast to anaverage of closer to a tenth in the 2010s. 过去⼗年间，⾦价⼤约翻了四倍，在疫情期间突破了2,000美元，随后在特朗普关税威胁期间于三⽉突破3,000美元。从政府官员到好市多（Costco WholesaleCorp.）的⾦条买家，所有⼈都能感受到影响。这波史诗级涨势的动能部分来⾃千年之交交易所交易基⾦（ETF）的出现，使得押注该⾦属变得容易；随后又有央⾏的热情推动。去年央⾏需求占全球需求的⽐例超过五分之⼀——⽽2010年代的平均⽔平接近⼗分之⼀。 More recently, there has also been the prospect of higher inflation and lowerinterest rates. This week, worries about rising government debt and then politicaturbulence in Washington gave bullion the final push over $4,000 an ounce. Asinvestors from Japan to the UK embrace the so-called “debasement trade”,shifting away from fiat currencies and toward assets like precious metals orbitcoin, silver too has benefited, moving toward its ownrecordthreshold around$50 an ounce. 最近，还出现了通胀上升和利率⾛低的可能性。本周，对政府债务上升的担忧以及华盛顿的政治动荡，最终推动⾦价突破每盎司4,000美元的关⼜。随着从⽇本到英国的投资者纷纷接受所谓的“贬值交易”，从法定货币转向贵⾦属或⽐特币等资产，⽩银也受益，正逼近其约每盎司50美元的历史门槛。 Read More:How Gold’s Safe-Haven Appeal Is Fueling Record Prices: QuickTake 阅读更多：黄⾦作为避险资产的吸引⼒如何推动创纪录价格：QuickTake For policymakers, including those in Beijing, the high prices have helped to boosthe lure of the metal as a reserve asset — and underscored the idea that bybringing more bullion into its orbit, China can increase the attraction of its mark and its currency, at a time when inflows are already improving. 对于包括北京在内的政策制定者来说，黄⾦的⾼价有助于提升其作