In 2012, some sanctioned Iranian banks had their SWIFT connections cut off; since 2014, financial and secondary sanctions have continued to expand. In 2022, the G7, the EU, and Australia froze approximately €260 billion of the Russian central bank's overseas reserve assets, of which about €210 billion were located in the EU, marking a significant turning point for countries to reassess reserve security. With the increased use of the RMB in cross-border trade, investment, and financial markets, CIPS quarterly transaction volume has risen from near zero at its inception to approximately 50 trillion yuan. Meanwhile, global central banks made net purchases of gold of 1,082 tons, 1,037 tons, and 1,045 tons in 2022, 2023, and 2024 respectively, exceeding 1,000 tons for three consecutive years, indicating that reserve diversification has gradually translated into actual allocation.
