央行连续10个月增持黄金

Group 1 - As of the end of August 2025, the official gold reserves have increased for the 10th consecutive month, but the increment has been low for the last 6 months, aligning with market expectations [3] - The recent increase in gold reserves by the central bank is driven by the expectation of rising international gold prices due to the current global political and economic situation, making it less necessary to pause gold purchases from a cost control perspective [3] - The proportion of gold in China's official international reserve assets is 7.3%, significantly lower than the global average of around 15%, indicating a need for continued accumulation of gold reserves to optimize the reserve structure [3] Group 2 - The central bank's strategy to increase gold reserves is also aimed at enhancing the credibility of the sovereign currency and facilitating the cautious internationalization of the Renminbi [3] - The central bank's gold accumulation is seen as a long-term direction, influenced by the changing international environment and the need to respond to these changes effectively [3]