央行连续13个月增持黄金，专家：未来需持续增持，并适度减持美债

Group 1 - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, reflecting a growth rate of 0.09% [1] - The increase in foreign exchange reserves is attributed to the stable economic performance of China, which supports the overall stability of the reserves [1][2] - The dollar index fell by 0.29% in November due to expectations of interest rate cuts by the Federal Reserve and rising interest rates in Japan, contributing to the appreciation of non-dollar assets in China's reserves [1][2] Group 2 - China's foreign exchange reserves have remained above $3.3 trillion for four consecutive months, the highest level since December 2015, with a significant increase of $144 billion compared to the end of the previous year [2] - The central bank's limited increase in gold reserves in November suggests a potential for foreign exchange net selling to maintain reserves at a moderate level [2] - The current foreign exchange reserves are considered to be in a moderately sufficient state, providing important support for maintaining the RMB exchange rate and mitigating external shocks [2] Group 3 - The official gold reserves increased to 7.412 million ounces by the end of November 2025, marking the thirteenth consecutive month of increase, although the increment has been low for nine months [2][3] - The central bank's small increase in gold reserves amidst rising international gold prices signals an intention to optimize international reserves [3] - The proportion of gold reserves in China's official international reserves is 8.0%, significantly below the global average of around 15%, indicating a need for continued accumulation of gold reserves [3]