人民银行黄金储备“九连增”

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 2025, influenced by various macroeconomic factors and currency fluctuations [1][2][3] Foreign Exchange Reserves - The decline in foreign exchange reserves is attributed to the rise in the US dollar index, which increased by 3.2% due to expectations of high inflation and strong economic data, leading to depreciation of non-US currencies [2][3] - Despite the decrease, the long-term outlook for China's foreign exchange reserves remains stable due to the country's strong economic fundamentals and resilience [2][3] Gold Reserves - As of the end of July 2025, China's gold reserves reached 73.96 million ounces (approximately 2300.41 tons), marking an increase of 60,000 ounces (about 1.86 tons) and continuing a trend of nine consecutive months of growth [4][5] - The increase in gold reserves is seen as a strategic move to optimize the international reserve structure, with gold accounting for 7% of total reserves, significantly lower than the global average of around 15% [4][5] Economic Context - China's exports showed an unexpected growth of 8% in July, supported by product structure optimization and diversification of trade partners, despite external pressures [3] - The domestic economy is expected to maintain a stable growth trajectory, bolstered by supportive fiscal and monetary policies, which will help sustain the balance of international payments and stabilize foreign exchange reserves [3]