中国11月外汇储备规模环比上涨0.09%，央行连续第13个月增持黄金

Group 1: Foreign Exchange Reserves - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, representing a growth rate of 0.09% [1] - The increase in foreign exchange reserves is attributed to factors such as macroeconomic data from major economies and expectations regarding monetary policy, which led to a decline in the US dollar index and mixed performance in global financial asset prices [1] - China's economy is maintaining a stable and progressive development trend, which supports the stability of foreign exchange reserves [1] Group 2: Gold Reserves - As of the end of November, China's gold reserves stood at 7,412 million ounces (approximately 2,305.39 tons), with a month-on-month increase of 3,000 ounces (about 0.93 tons), marking the 13th consecutive month of gold accumulation [2] - The current spot gold price has decreased by 0.28% to $4,197 per ounce [2] Group 3: Gold Market Dynamics - Gold has entered its third upward cycle since 2019, with a cumulative increase of 219% over six years, indicating potential for further growth compared to previous cycles [3] - The rise in gold prices is supported by three attributes: monetary (challenges to the US dollar credit system), commodity (average annual growth of central bank gold purchases from 2020 to 2024 at 44%), and financial (the pricing framework of real interest rates partially failing in a high inflation environment) [3] - Key variables influencing future gold prices include geopolitical risks, growth in gold reserves, and changes in real interest rates [3] Group 4: Future Gold Demand and Price Projections - Official demand for gold is expected to replace price-sensitive consumer demand, with projections indicating a rebound to 1,053 tons per year by 2026 [4] - The normalization of inflows into gold ETFs has led to a significant upward revision of the average price target for 2026 from $4,000 per ounce to $4,450 per ounce [4]