9月末外储规模环比增加 央行连续增持黄金

Core Insights - 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 macroeconomic data, monetary policy, and expectations from major economies, alongside a general rise in global financial asset prices [1][2] - The current foreign exchange reserve level is the highest since December 2015, indicating improved capacity to mitigate various shocks [2] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves are expected to remain stable, with a current level slightly above $3 trillion deemed adequate [2] - The stability of reserves is supported by a steady economic performance and high-quality development outcomes [2] - Adequate foreign exchange reserves will help maintain the RMB exchange rate at a reasonable equilibrium and act as a buffer against potential external shocks [2] Group 2: Gold Reserves - As of September, China's gold reserves stood at 7.406 million ounces, with an increase of 40,000 ounces, marking the 11th consecutive month of gold accumulation by the central bank [3] - The pace of gold accumulation has slightly decreased compared to previous months, indicating a balance between optimizing reserve structure and controlling acquisition costs [3] - International gold prices have been on the rise, with a significant increase of over 10% in September, the largest monthly gain in 14 years [3]