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 increase in reserves is attributed to the global rise in asset prices and fluctuations in exchange rates, influenced by the Federal Reserve's decision to cut interest rates by 25 basis points [1][5] - The foreign exchange reserves have reached their highest level since December 2015, with a significant annual increase of $136.3 billion [2][4] Foreign Exchange Reserves - The foreign exchange reserves increased by $136.3 billion this year, reflecting a stable economic environment in China [4] - The rise in reserves is supported by the overall stability and progress in China's economy, which has achieved new results in high-quality development [5][10] - The dollar index remained stable in September, with a slight decrease of 0.03%, indicating that previous pressures on the dollar have been largely absorbed [8] Gold Reserves - As of September 2025, China's gold reserves stood at 7.406 million ounces (approximately 2303.523 tons), with a month-on-month increase of 40,000 ounces [2][11] - The central bank's continued accumulation of gold is seen as a strategic move to optimize the international reserve structure, despite the recent low increase in gold holdings [11][13] - The proportion of gold in China's official international reserves is 7.7%, significantly below the global average of around 15%, indicating a need for further accumulation of gold [13] Market Analysis - The surge in gold prices this year, with New York gold futures reaching $3985.97 per ounce, reflects a 50% increase year-to-date [3] - Analysts suggest that the Federal Reserve's interest rate cuts and ongoing geopolitical risks are driving the demand for gold, making it a favorable asset for reserve accumulation [3][13] - The central bank's strategy includes a potential reduction in U.S. Treasury holdings while increasing gold reserves to enhance the credibility of the national currency and support the internationalization of the renminbi [13]