中国外储连续三月超3.3万亿美元，央行买金节奏有变

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][3] - The People's Bank of China (PBOC) has increased its gold reserves for the 12th consecutive month, with gold reserves reported at 7,409 million ounces (approximately 2,304.457 tons) as of the end of October, reflecting a month-on-month increase of 30,000 ounces (approximately 0.93 tons) [1][6] Foreign Exchange Reserves - The rise in foreign exchange reserves in October was influenced by the strengthening of the US dollar index, which increased by 1.9%, and significant gains in global financial asset prices, particularly in stock indices [3][4] - The valuation effect from rising asset prices countered the depreciation of non-dollar assets, leading to a slight increase in reserves despite the dollar's strength [4][5] - Major stock indices, including the Nikkei 225, saw substantial increases, with the Nikkei rising by 16.6%, contributing to the positive valuation effect on China's foreign reserves [3][4] Gold Reserves - China's gold reserves increased by $139 billion to $297.2 billion, with the proportion of gold reserves to total foreign exchange reserves rising to 8.89%, a new historical high [6][7] - The pace of gold accumulation by the PBOC has slowed this year, with monthly increases decreasing from 160,000 ounces in January to 30,000 ounces in October [6][7] - The PBOC's strategy of gradual accumulation aims to mitigate market volatility and optimize the international reserve structure amid global uncertainties [7][8] Future Outlook - Analysts suggest that the PBOC will continue to increase gold reserves to enhance the credibility of the yuan and support its internationalization, as the current gold proportion remains below the global average of around 15% [8][9] - The emphasis on expanding high-level openness in the "14th Five-Year Plan" indicates a commitment to fostering trade and investment, which will support the stability of foreign exchange reserves [5][8]