9月净买入1.24吨，中国连续11个月增持黄金！金价疯涨，专家：买黄金仍是大方向

Core Points - As of September 2025, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion from the end of August, marking a 0.5% rise [1] - The foreign exchange reserves have reached the highest level since December 2015, with a significant increase of $136.3 billion compared to the end of the previous year [2][4] - 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 [6][7] Foreign Exchange Reserves - The foreign exchange reserves increased by $136.3 billion this year, supported by macroeconomic data and monetary policy changes in major economies [4][6] - The dollar index remained stable, with a slight decrease of 0.03% at the end of September, indicating that previous depreciation effects on non-dollar assets have diminished [6][7] - The reserves have consistently remained above $3.3 trillion for two consecutive months, the highest since December 2015 [6] Gold Reserves - As of September 2025, China's gold reserves stood at 7.406 million ounces, marking the 11th consecutive month of increase, although the increment has been relatively low in recent months [2][10] - The increase in gold reserves is driven by the need to optimize the international reserve structure amid rising global geopolitical risks and fluctuating gold prices [10][11] - The current gold reserves account for 7.7% of China's total international reserve assets, which is significantly below the global average of around 15% [10][11] Market Outlook - Analysts suggest that the central bank's continued accumulation of gold is a strategic move to enhance the credibility of the national currency and support the gradual internationalization of the renminbi [11] - The foreign exchange reserves are expected to remain stable, providing a buffer against external shocks and supporting the renminbi's exchange rate [8][11]