人民银行黄金“九连增”，还会继续增持吗

Core Viewpoint - As of the end of July 2025, China's foreign exchange reserves stood at $329.22 billion, reflecting a decrease of $25.2 billion or 0.76% from the end of June 2025. The People's Bank of China has continued to increase its gold reserves for the ninth consecutive month, reaching 7.396 million ounces (approximately 2300.41 tons) [1][4][6]. Foreign Exchange Reserves - The foreign exchange reserves decreased due to a combination of factors including the rise of the US dollar index, which increased by 3.2% in July, and fluctuations in global financial asset prices [4][5]. - The reserves are considered to be at a moderately sufficient level, with expectations for stability in the future despite external volatility [5][6]. Gold Reserves - The People's Bank of China reported an increase of 60,000 ounces (approximately 1.86 tons) in gold reserves, marking the ninth consecutive month of growth since November 2024 [6][7]. - The current gold reserves account for 7.0% of China's official international reserve assets, which is significantly lower than the global average of around 15% [6][7]. - Analysts suggest that the ongoing increase in gold reserves is driven by the need to optimize the international reserve structure and to enhance the credibility of the sovereign currency, which supports the gradual internationalization of the Renminbi [7].