外汇储备创年内新高：央行连续11个月增持黄金

Core Insights - 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, the highest level since December 2015 [1][3] - The increase in reserves is attributed to macroeconomic data, monetary policy changes, and asset price fluctuations, with a stable economic environment supporting the reserves [3][5] Foreign Exchange Reserves - The foreign exchange reserves rose by 0.5% in September 2025, continuing to stay above the $3.3 trillion mark for two consecutive months [1][3] - The dollar index remained stable at 97.8, with the market having already priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [3][4] - Global asset prices generally increased, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [3][4] Gold Reserves - As of September 2025, China's official gold reserves amounted to 74.06 million ounces (approximately 2,303.523 tons), with an increase of 40,000 ounces from the previous month [4][5] - The People's Bank of China has increased its gold holdings for 11 consecutive months, although the increase in September was lower than the previous months' average of 60,000 to 70,000 ounces [4][5] - The rise in gold prices exceeded 10% in September, the largest monthly increase in 14 years, indicating a strong demand for gold amid geopolitical uncertainties [4][5] Economic Outlook - The ongoing trade negotiations and the stabilization of the international trade environment are expected to support China's foreign exchange reserves [5] - The diversification of trade partners and the optimization of export structures are anticipated to enhance the stability of cross-border capital flows [5] - The strategy of increasing gold reserves as part of a diversified international reserve approach is expected to continue, driven by the need for risk management and asset volatility hedging [5]