4月外汇储备规模上升，黄金储备连续6个月增加

Core Insights - The People's Bank of China continues to increase its gold reserves, with a total of 73.77 million ounces as of April 2025, marking a month-on-month increase of 70,000 ounces and a continuous six-month growth trend [5][6][7] - China's foreign exchange reserves rose to $328.17 billion by the end of April 2025, an increase of $41 billion or 1.27% from the end of March, influenced by the decline in the US dollar index and fluctuations in global asset prices [1][2][3] Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to a significant drop in the US dollar index, which fell by approximately 4.4% in April, leading to a rise in the value of non-US dollar assets [3] - The overall foreign exchange reserves are considered to be at a moderately sufficient level, slightly above $3 trillion [3] - The Chinese economy is showing positive signs, which is expected to help maintain the stability of foreign exchange reserves [4] Gold Reserves - The continuous increase in gold reserves is driven by several factors, including the rising international gold prices and the need to optimize the structure of international reserves [6][7] - The current proportion of gold in China's international reserves is relatively low at 5.5%, compared to the global average of around 15%, indicating room for further accumulation [6][7] - The recent volatility in gold prices, including a significant drop after reaching a historical high, is not expected to undermine the long-term upward trend in gold prices [7][8]