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][5] - The People's Bank of China has been increasing its gold reserves for 12 consecutive months, with the latest figure at 7,409 million ounces, reflecting a modest increase of 3,000 ounces [1][9] Foreign Exchange Reserves - China's foreign exchange reserves have remained above $3.3 trillion for three consecutive months [1] - The dollar index rose by approximately 1.95% in the past month, while major currencies like the euro, yen, and pound depreciated against the dollar [5] - The strengthening of the dollar is influenced by the Federal Reserve's interest rate decisions and geopolitical uncertainties [5][6] Asset Prices and Market Conditions - Global stock and bond markets showed strength in October, supporting the increase in China's foreign exchange reserves [6] - The yield on 10-year US Treasury bonds fell by about 5 basis points due to the Federal Reserve's rate cuts, leading to increased liquidity in the market [6] - Major stock indices, including the S&P 500 and Nikkei, experienced gains during this period [6] Gold Reserves - The increase in gold reserves by the People's Bank of China is seen as a strategy to optimize international reserves amid fluctuating gold prices [9][10] - Recent fluctuations in gold prices have seen them rise above $4,000 per ounce before retreating below $3,900 [10] - Analysts suggest that the central bank's gold purchases may slow down due to various market factors, but the long-term demand for gold remains strong [10]