央行连续10个月增持黄金，外储止跌回升创近十年新高

Core Insights - China's foreign exchange reserves reached a new high of $3.3 trillion as of August 2025, marking the highest level since January 2016 [1][3] - The increase in reserves is attributed to a combination of external factors, such as the weakening of the US dollar and rising global asset prices, as well as internal factors like a stable economic foundation and optimized reserve structure [2][5] Foreign Exchange Reserves - As of the end of August, China's foreign exchange reserves stood at $33,221.54 billion, an increase of $299.19 billion from the end of July, representing a growth rate of 0.91% [3] - The rise in reserves is driven by a 2.2% decline in the US dollar index, which has led to an increase in the value of non-dollar assets held in reserves [5][12] - The reserves have increased significantly by $1,198 billion compared to the end of the previous year, indicating a robust upward trend [5] Gold Reserves - China's gold reserves have been on a continuous rise, with a net increase of 60,000 ounces in August, bringing the total to 7.402 million ounces [7] - The proportion of gold reserves in relation to total foreign exchange reserves reached a historical high of 7.64%, reflecting an ongoing optimization of the reserve asset structure [7][10] - The increase in gold reserves is part of a broader strategy to enhance the credibility of the national currency and support the internationalization of the renminbi [10] Renminbi Exchange Rate - The renminbi has shown a strong upward trend, with the exchange rate against the US dollar reaching a low of 7.126, the lowest level of the year [11][12] - The strengthening of the renminbi is supported by a favorable external environment, including a 2.2% decline in the US dollar index, and strong domestic equity market performance attracting foreign investment [12] - Analysts expect the renminbi to maintain a strong performance in the near term, with potential for continued appreciation as year-end approaches [12]