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Core Viewpoint - As of the end of July 2025, China's foreign exchange reserves decreased to $32,922 billion, marking a decline of $252 billion from the end of June, ending a six-month upward trend [1][3]. Foreign Exchange Reserves - China's foreign exchange reserves have remained above $32 trillion for 20 consecutive months, but saw a month-on-month decline for the first time in July 2025 [1][3]. - In the first six months of 2025, foreign exchange reserves increased consistently, with increases of $667.9 million, $1.82 billion, $1.3441 billion, $4.1 billion, $360 million, and $3.22 billion respectively [2]. Gold Reserves - The People's Bank of China has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons) by the end of July, an increase of 60,000 ounces (approximately 1.86 tons) [3][8]. - The value of China's gold reserves rose by $1 billion to $243.985 billion, representing 7.41% of total foreign exchange reserves, which is still below the global average of around 15% [3][8]. Market Outlook - International institutions are optimistic about gold prices, with Standard Chartered predicting prices could reach $3,400 per ounce in the next three months and maintain a forecast of $3,500 per ounce over the next 12 months [4]. - The World Gold Council reported that global gold demand reached 1,249 tons in Q2 2025, a 3% year-on-year increase, despite a slowdown in the pace of central bank purchases [4]. Investment Trends - The demand for gold investment is expected to remain strong in the second half of the year due to ongoing geopolitical and economic risks, which may drive investor demand for gold bars and coins [7][8]. - The central bank's strategy to increase gold reserves is seen as a way to optimize international reserve structure and support the internationalization of the Renminbi [8].