央行连续八个月增持黄金，专家：未来增持仍是大方向

Core Insights - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 billion from May, representing a growth rate of 0.98% [1] - China's gold reserves stood at 7.39 million ounces (approximately 2,298.55 tons) at the end of June, with a month-on-month increase of 70,000 ounces (about 2.18 tons), marking the eighth consecutive month of gold accumulation [1] - The increase in foreign exchange reserves is attributed to the decline in the US dollar index and the overall rise in global financial asset prices, influenced by macroeconomic policies and growth prospects of major economies [1] Foreign Exchange Reserves - The current foreign exchange reserve level is considered moderately sufficient, slightly above $3 trillion, and is expected to remain stable in the short term [1] - The adequate level of foreign reserves is crucial for maintaining the RMB exchange rate at a reasonable equilibrium and serves as a buffer against potential external shocks [1] Gold Reserves - The official gold reserves have been increasing for eight consecutive months, but the incremental growth has been low for the fourth month in a row [1] - The recent easing of international trade tensions has weakened safe-haven demand, leading to slight adjustments in international gold prices, although they remain high [1] Future Outlook - The central bank's continued accumulation of gold is driven by changes in the global political and economic landscape following the new US administration, suggesting that gold prices may remain high for an extended period [2] - As of June 2025, gold accounts for 7.0% of China's official international reserve assets, significantly lower than the global average of around 15%, indicating a need for continued gold accumulation and a potential reduction in US Treasury holdings [2] - Increasing gold reserves is seen as a way to enhance the credibility of the sovereign currency and facilitate the internationalization of the RMB, aligning with the need to optimize the structure of international reserves [2]