10月外汇储备继续环比上升！央行连续12个月增持黄金

Core Insights - As of October 2025, China's foreign exchange reserves reached $33,433 billion, marking an increase of $47 billion from September, the highest level since December 2015 [1] - The increase in reserves is attributed to the rise in the US dollar index and overall global financial asset prices [1][4] - The People's Bank of China has been increasing its gold reserves for 12 consecutive months, with a total of 7,409 million ounces as of October, reflecting a modest increase of 3,000 ounces [1][7] Foreign Exchange Reserves - China's foreign exchange reserves have remained above $3.2 trillion for 23 consecutive months, with a continued month-on-month increase in October [4] - The US dollar index rose by approximately 1.95% in the past month, while major currencies like the euro, yen, and pound depreciated against the dollar [4] - Factors contributing to the dollar's strength include the easing of US-China trade tensions and increased global political uncertainty [4] Asset Prices and Market Conditions - Global stock and bond markets showed strength in October, supporting the increase in China's foreign exchange reserves [5] - The yield on 10-year US Treasury bonds fell by about 5 basis points due to the Federal Reserve's interest rate cuts, leading to a surge in demand for US government bonds as safe-haven assets [5] - Major stock indices, including the S&P 500 and Nikkei, experienced gains during this period [5] Gold Reserves - The increase in China's gold reserves has slowed, with the latest monthly addition being the lowest since the resumption of purchases in November 2024 [7] - The gold market has seen volatility, with prices fluctuating around $4,000 per ounce before retreating below $3,900 [8] - Analysts suggest that the People's Bank of China will continue to increase gold reserves as part of a strategy to diversify international reserves and respond to changing global conditions [8]