5月末我国外储规模环比上升0.11%，央行连续七个月增持黄金

Core Viewpoint - As of May 2025, China's foreign exchange reserves reached $328.53 billion, marking a $3.6 billion increase from April, maintaining stability above $3.2 trillion for 18 consecutive months [1][3][4] Foreign Exchange Reserves - In the first five months of 2025, China's foreign exchange reserves increased by $66.79 billion, $182 billion, $134.41 billion, $410 billion, and $36 billion respectively [3] - The foreign exchange reserves as of January to April 2025 were $32090.36 billion, $32272.24 billion, $32406.65 billion, and $32816.62 billion respectively [2] Gold Reserves - As of May 2025, China's gold reserves stood at 7.383 million ounces, with a month-on-month increase of 60,000 ounces, marking the seventh consecutive month of gold accumulation by the central bank [1][7] - The international gold price experienced fluctuations, with a peak of $3,365 per ounce and a drop to around $3,100 per ounce during May [7][8] Economic Context - The increase in foreign exchange reserves is attributed to the recovery of the Chinese economy and the stability of the economic development quality, which supports the maintenance of reserves [4][6] - Global economic factors, including U.S. fiscal and monetary policies, influenced the dollar index and the prices of financial assets, contributing to the changes in foreign exchange reserves [4][5] Central Bank Behavior - The central bank's continued accumulation of gold is seen as a response to the changing global political and economic landscape, with a focus on diversifying reserve assets [9][10] - The trend of central banks globally increasing gold purchases is expected to continue, driven by concerns over the weakening credit of the U.S. dollar and geopolitical uncertainties [9][10]