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Core Viewpoint - China's foreign exchange reserves decreased for the first time in July 2025 after six consecutive months of growth, while the central bank has increased its gold reserves for the ninth consecutive month [1][5]. Foreign Exchange Reserves - As of the end of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from the end of June, marking a decline of 0.76% [1][5]. - The decline in reserves is attributed to factors such as exchange rate adjustments and changes in asset prices [2][5]. - Despite the recent decline, the reserves have remained above $32 trillion for 20 consecutive months [1]. Gold Reserves - The central bank's gold reserves reached 7,396 million ounces (approximately 2,300.41 tons) at the end of July, an increase of 6 million ounces (about 1.86 tons) from the previous month [2][4]. - The global demand for gold has surged, with central banks net purchasing 166 tons in the second quarter of 2025, reflecting a strong outlook for gold demand despite a slight slowdown in purchasing pace [5][7]. Market Trends - The spot gold price recently touched $3,390 per ounce, reflecting a 3% increase over the past week [8]. - Year-to-date, the spot gold price has risen over 28%, with a peak of $3,500 per ounce in April 2025 [10]. - UBS Wealth Management has set a target price of $3,500 per ounce for gold, with a potential rise to $3,800 per ounce if geopolitical or economic conditions worsen [10].