创2015年12月以来最高！9月末外汇储备达33387亿美元！官方黄金储备连续11个月增加

Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking an increase of $16.5 billion from the end of August, representing a growth rate of 0.5% [1][4][6] Group 1: Foreign Exchange Reserves - The foreign exchange reserves have reached their highest level since December 2015, with a significant increase of $136.3 billion compared to the end of the previous year [2][4][6] - The increase in reserves is attributed to the rise in global asset prices and the depreciation of the dollar, influenced by the Federal Reserve's decision to cut interest rates by 25 basis points [1][6][7] - The dollar index remained stable, with a slight decrease of 0.03% at the end of September, indicating that previous pressures on the dollar have been largely absorbed [7][6] Group 2: Gold Reserves - As of September 2025, China's gold reserves stood at 74.06 million ounces, marking the 11th consecutive month of increase, although the increment has been at a low level for the past seven months [3][10][12] - The People's Bank of China continues to increase its gold holdings, driven by changes in the global political and economic landscape, and the expectation that international gold prices may remain high for an extended period [3][12][13] - The current proportion of gold in China's international reserves is 7.7%, significantly lower than the global average of around 15%, indicating a need for further accumulation of gold reserves [12][13] Group 3: Economic Context - The overall economic stability and progress in high-quality development in China are favorable for maintaining a stable level of foreign exchange reserves [4][9] - The ongoing diversification of trade partners and optimization of export structures contribute to a stable cross-border capital flow, supporting the foreign exchange reserve levels [9] - The central bank's strategy includes a potential reduction in U.S. Treasury holdings while increasing gold reserves to optimize the structure of international reserves [13]