央行连续9个月买黄金！专家：可能还会继续

Core Viewpoint - As of the end of July 2025, China's foreign exchange reserves decreased to $329.22 billion, a decline of $25.2 billion or 0.76% from the end of June, while gold reserves increased to 7.396 million ounces, marking the ninth consecutive month of gold accumulation [1][3]. Foreign Exchange Reserves - The foreign exchange reserves stood at $32,090.36 million in January 2025 and fluctuated throughout the months, reaching $32,852.55 million in May before the decline in July [2]. - The decrease in reserves in July was attributed to the rise in the US dollar index, which increased by 3.39% compared to June, impacting the value of non-dollar assets held in reserves [3]. Gold Reserves - China's gold reserves increased by 60,000 ounces in July 2025, although the increment has been low for five consecutive months [1][3]. - The proportion of gold in China's official international reserve assets is 7.0%, which is significantly lower than the global average [3]. Market Dynamics - The international economic and trade tensions have eased since May, leading to a reduction in safe-haven demand and slight adjustments in international gold prices, although they remain high [4]. - There is a growing need to optimize the structure of international reserves by increasing gold holdings and reducing US Treasury securities, as gold serves as a widely accepted final payment method and enhances the credibility of sovereign currency [4].