金吾财讯 | 中金公司发研报指，黄金的价值重估并不意味着金本位的回归，而是美元信用边际下滑、全球货币格局重组的外在表现。在这一背景下，各国央行增持黄金，更多是为了分散风险，而非重回金本位。黄金在多极化格局中仍可充当储值与避险资产，但它无法替代信用货币在利率调节、流动性供给与资产定价中的功能，亦无法满足现代金融体系对安全资产的结构性需求。在此背景下，未来的国际货币体系更可能从单一美元体系走向多元化。全球经济已不可能回到以实物稀缺为约束的金本位时代，但也难以维系以单一主权信用为核心的美元体系。随着储备多元化、区域货币合作与数字金融基础设施的推进，新的多元化国际货币秩序正在逐步形成。
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