外储连续三月站稳3.3万亿美元，未来增持黄金仍是大方向

Core Viewpoint - China's foreign exchange reserves continue to increase, reaching $33,433 billion by the end of October 2025, marking a rise of $47 billion from September, and a significant increase of $1,409.9 billion from the end of the previous year [1] Foreign Exchange Reserves - As of October 2025, China's foreign exchange reserves have risen for three consecutive months, remaining above $3.3 trillion [1] - The increase in reserves is attributed to the impact of asset price changes and exchange rate fluctuations, with a month-on-month rise of $47 billion [1] - The dollar index rose by 2.1% to 99.8 in October, influenced by stronger-than-expected U.S. economic growth and a decline in non-dollar currencies [2] Gold Reserves - China's gold reserves increased by 30,000 ounces (approximately 0.93 tons) to 7,409 million ounces by the end of October, marking the 12th consecutive month of gold accumulation [5] - The increase in gold reserves is seen as a strategy to optimize the structure of foreign exchange reserves and mitigate risks associated with a high proportion of dollar assets [5][8] - Global demand for gold from central banks remains high, with gold surpassing the euro as the second-largest reserve asset [6] Economic Analysis - The current level of foreign exchange reserves is considered moderately sufficient, providing support for maintaining the RMB exchange rate at a reasonable equilibrium [3] - The ongoing geopolitical risks and inflation concerns enhance the investment demand for gold, which is viewed as a hedge against such uncertainties [5][8] - The Chinese economy's stability and potential are fundamental supports for maintaining the foreign exchange reserve scale [8]