央行，连续11个月增持黄金！

Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking a $16.5 billion increase from the end of August, with a growth rate of 0.5% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have remained above $3.2 trillion for 22 consecutive months [1] - The increase in reserves in September was influenced by macroeconomic data, monetary policy, and expectations from major economies, leading to a slight fluctuation in the dollar index and an overall rise in global financial asset prices [1] - The valuation of China's foreign reserves in financial assets increased due to the Federal Reserve's resumption of interest rate cuts, which led to a rise in major global stock indices and a decline in U.S. Treasury yields [1] Group 2: Gold Reserves - As of the end of September, China's official gold reserves stood at 7.406 million ounces, an increase of 40,000 ounces from the previous month, with the central bank having increased its gold holdings for 11 consecutive months [2] - The People's Bank of China has been gradually increasing its gold reserves since March, with monthly increments below 100,000 ounces, indicating a strategy to optimize the risk-return profile of international reserves [2] - The long-term strategy of diversifying international reserves and dynamically adjusting gold holdings is expected to continue, with ongoing support for gold prices from central banks and investors [2]