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Summary of Key Points Core Viewpoint - China's foreign exchange reserves have increased, with the central bank continuously adding to its gold reserves for the tenth consecutive month [1][2][4]. Foreign Exchange Reserves - As of the end of August 2025, China's foreign exchange reserves stood at $33,222 billion, an increase of $299 billion from the end of July, marking a rise of 0.91% [1][2]. - This marks the 21st consecutive month that reserves have remained above $32 trillion, rebounding after a brief decline in July [1][5]. Factors Influencing Reserves - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [2][5]. - The decline in the US dollar index and overall rise in global financial asset prices contributed to the increase in reserves [5]. Gold Reserves - The central bank's gold reserves reached 7,402 million ounces (approximately 2,302.28 tons) by the end of August, reflecting an increase of 6,000 ounces (about 1.87 tons) from July [2][4]. - The trend of increasing gold reserves aligns with a global surge in central bank gold purchases due to market uncertainties and geopolitical tensions [5]. Market Trends - In August 2025, gold ETFs saw a net inflow of $5.5 billion, with North America contributing $4.1 billion and Europe $1.9 billion, while Asia and other regions experienced outflows [7]. - The price of spot gold has risen significantly, reaching $3,600 per ounce, with a year-to-date increase of 37% [6][11]. Economic Context - The resilience of China's economy is highlighted as a supporting factor for the stability of foreign exchange reserves, despite fluctuations in global markets [5].