美联储-去美元化？多元化？探索央行黄金购买和美元在国际储备中的作用（英）

Board of Governors of the Federal Reserve SystemInternational Finance Discussion PapersISSN 1073-2500 (Print)ISSN 2767-4509 (Online)Number 1420September 2025De-Dollarization? Diversification? Exploring Central Bank Gold Purchases andthe Dollar’s Role in International ReservesColin WeissPlease cite this paper as:Weiss, Colin (2025).“De-Dollarization?Diversification?Exploring Central Bank GoldPurchases and the Dollar’s Role in International Reserves,” International Finance Dis-cussion Papers 1420.Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/IFDP.2025.1420.NOTE: International Finance Discussion Papers (IFDPs) are preliminary materials circulated to stimu-late discussion and critical comment. The analysis and conclusions set forth are those of the authors anddo not indicate concurrence by other members of the research staff or the Board of Governors. Referencesin publications to the International Finance Discussion Papers Series (other than acknowledgement) shouldbe cleared with the author(s) to protect the tentative character of these papers. Recent IFDPs are availableon the Web at www.federalreserve.gov/pubs/ifdp/. This paper can be downloaded without charge from theSocial Science Research Network electronic library at www.ssrn.com.De-Dollarization? Diversification? Exploring CentralBank Gold Purchases and the Dollar’s Role inInternational ReservesColin Weiss∗AbstractI examine how governments have managed their holdings of gold and dollar reservesin recent decades, a period when gold’s share of aggregate international reserves roseand the dollar’s share fell. Using data on central banks’ reserve currency compositionand official sector purchases of U.S. assets, I argue that gold reserve accumulation isgenerally not associated with de-dollarization of international reserves at the countrylevel, except in a few prominent cases. Instead, gold purchases are more consistent withmost countries pursuing a modest diversification of international reserves that does notsolely target a reduced dollar share. My evidence suggests that this characterizationalso applies to gold reserve accumulation in 2022 and 2023. Finally, I show that, whilegold’s importance as a store of value for the official sector has grown since 2000, itsuse as a unit of account and a medium of exchange remains limited.Keywords: International Reserves, Gold, DollarJEL Codes: F3, F31, F33∗Division of International Finance, Board of Governors of the Federal Reserve System, Washington D.C.20551 USA. E-mail: colin.r.weiss@frb.gov. For helpful comments and conversations, I thank Daniel Beltran,Laurie DeMarco, Cody Kallen, Daniel McDowell, Andrew McCallum, Alexandra Tabova, and workshopparticipants at the Federal Reserve. Anna Rowbatham provided excellent research assistance. The viewsexpressed in this paper are solely my own and do not reflect the views of the Board of Governors of theFederal Reserve or anyone else associated with the Federal Reserve system.