国际货币基金组织：2026年央行储备中的黄金：战略考量、市场风险及实践指导（英文版）

Gold has re-emerged as a prominent component of central bank reserves, largely reflecting valuation gains from higher gold prices rather than large-scale accumulation. This Note assesses gold’s role from a reserve management perspective, emphasizing that while gold carries no credit risk and may support long-term balance-sheet resilience, it is highly volatile, offers only conditional hedging and diversification benefits, and is ill-suited to the liquidity tranche of reserves. The analysis re