10月外汇储备增加47亿美元?温彬：受资产价格变化与汇率波动综合影响

Core Insights - As of October 2025, China's foreign exchange reserves reached $3.34 trillion, an increase of $4.7 billion from September, reflecting a growth rate of 0.14% [1] - The rise in foreign exchange reserves is attributed to the Federal Reserve's interest rate cut and improved China-U.S. trade relations, which have led to an overall increase in global asset prices [1] - The U.S. dollar index rose by 2.1% to 99.8 in October, despite the Fed's rate cut, due to stronger-than-expected U.S. economic growth and a decline in non-U.S. currencies [1] Asset Prices - In October, the Fed's rate cut led to a 0.8% increase in the dollar-denominated global bond index and a 2.3% rise in the S&P 500 index [2] - The Nikkei index surged by 16.6%, reaching a historical high, driven by new fiscal policies [2] - The European Stoxx index increased by 2.6% as the Eurozone economy showed signs of gradual recovery [2] Economic Policies - The recent "14th Five-Year Plan" emphasizes "expanding high-level opening-up," indicating a commitment to reform and development through openness [2] - The plan aims to diversify markets, optimize trade, and cultivate new growth points, ensuring that exports stabilize cross-border capital flows [2] - The strategy includes facilitating foreign investment and guiding the cross-border layout of industrial and supply chains, which supports the balance of international payments [2] Gold Reserves - By the end of October, China's gold reserves increased by 30,000 ounces (approximately 0.93 tons) to 74.09 million ounces, marking the 12th consecutive month of gold accumulation [2] - Global demand for gold from central banks remains high, with gold surpassing the euro as the second-largest reserve asset [2] - Increasing gold reserves helps optimize China's foreign exchange reserve structure and mitigate risks associated with a high proportion of dollar assets [3]