外汇储备再次站上3.3万亿美元关口 传递多重信号

Core Insights - China's foreign exchange reserves reached $3.3222 trillion by the end of August 2025, marking an increase of $29.9 billion from the end of July, with a growth rate of 0.91% [1] - The People's Bank of China has increased its gold reserves for 11 consecutive months, reaching 7.406 million ounces (approximately 2306 tons) by the end of September [1][3] Foreign Exchange Reserves - The foreign exchange reserves have shown a consistent growth trend in 2025, with only one month (July) experiencing a decline of $25.2 billion [1] - The increase in reserves is attributed to macroeconomic data, monetary policy, and expectations from major economies, alongside a slight fluctuation in the dollar index [2][3] Gold Reserves - The continuous increase in gold reserves is seen as a strategic move to enhance the stability and risk management of foreign exchange reserves [3][5] - The rise in gold reserves supports the internationalization of the Renminbi, as gold reserves are a key indicator of a country's currency creditworthiness [4] Economic Context - The current global economic uncertainty highlights the strategic value of China's $3.3 trillion foreign exchange reserves as a buffer against external risks [3] - The ongoing adjustments in the global economic landscape and the international monetary system are prompting a shift from dollar-denominated assets to gold and other physical assets [4][5] Market Dynamics - The dollar index remained stable at 97.8 in September, with market expectations for Federal Reserve rate cuts already priced in, leading to a release of downward pressure on the dollar [2] - Global financial asset prices have generally risen, with the S&P 500 index increasing by 3.5% in September, indicating strong market conditions [2]