央行又出手：增持！历史罕见

Core Viewpoint - China's foreign exchange reserves have increased, with the central bank continuously adding to its gold holdings for the 11th consecutive month [1][4]. Group 1: Foreign Exchange Reserves - As of the end of September 2025, China's foreign exchange reserves reached $33,387 billion, an increase of $165 billion from the end of August, marking a 0.5% rise [1]. - The reserves have remained above the $3.2 trillion mark for 22 consecutive months [1]. - The increase in reserves is attributed to factors such as exchange rate adjustments and changes in asset prices [1][4]. Group 2: Gold Reserves - The central bank's gold reserves stood at 7,406 million ounces (approximately 2,303.523 tons) at the end of September, with a month-on-month increase of 40,000 ounces (about 1.24 tons) [1]. - The continuous increase in gold reserves reflects a broader trend among global central banks to diversify their foreign exchange reserves through gold purchases [4]. Group 3: Market Context - In 2025, except for July, which saw a decrease of $252 billion, foreign exchange reserves have shown a consistent upward trend in other months, with increases ranging from $36 billion to $410 billion [4]. - The global economic environment, including macroeconomic data and monetary policy expectations, has influenced the stability and growth of China's foreign exchange reserves [4].