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Core Viewpoint - China's foreign exchange reserves have decreased for the first time in 20 months, while the central bank has increased its gold reserves for the ninth consecutive month [1][2][4]. Group 1: Foreign Exchange Reserves - As 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][4]. - The decline in foreign exchange reserves is attributed to factors such as exchange rate adjustments and changes in asset prices [2][4]. - In the first half of 2025, foreign exchange reserves had been on a rising trend, with increases of $66.79 billion, $182 billion, $134.41 billion, $410 billion, $36 billion, and $322 billion in the preceding months [4]. Group 2: Gold Reserves - The central bank's gold reserves reached 7,396 million ounces (approximately 2,300.41 tons) by the end of July, an increase of 6 million ounces (about 1.86 tons) from the end of June [2][4]. - There is a global trend of central banks increasing gold purchases, with a net purchase of 166 tons in the second quarter of 2025, despite a slight slowdown in the pace of buying [4][6]. Group 3: Gold Prices and Market Outlook - The spot gold price recently touched $3,390 per ounce, reflecting a cumulative increase of over 28% this year [5][10]. - UBS Wealth Management has set a target price for gold at $3,500 per ounce under baseline scenarios, with potential for it to rise to $3,800 per ounce if geopolitical or economic conditions worsen [10][11]. - The demand for gold remains strong despite high prices, as investors are increasingly looking towards gold as a hedge against market uncertainties [10].