央行连续第13个月增持黄金！

Core Viewpoint - As of November 2025, China's foreign exchange reserves reached $33,464 billion, marking a $30 billion increase from the end of October, representing a 0.09% rise [1]. Group 1: Foreign Exchange Reserves - 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 [1]. - The increase in reserves is attributed to factors such as macroeconomic data from major economies and expectations regarding monetary policy, leading to a decline in the US dollar index [1]. - The US dollar index fell by 0.3% to 99 in November, while non-US currencies showed mixed performance, with the Japanese yen depreciating by 1.38% and the euro and pound appreciating by 0.56% and 0.63%, respectively [1]. Group 2: Economic Stability and Support - The overall stability and progress of China's economy provide a solid foundation for maintaining the stability of foreign exchange reserves [2]. - The current foreign exchange reserve level is considered moderately sufficient, which supports the renminbi's exchange rate and acts as a buffer against potential external shocks [2]. - The State Administration of Foreign Exchange indicated that the steady development of the economy contributes to the stability of foreign exchange reserves [2]. Group 3: Gold Reserves - As of the end of November, China's gold reserves amounted to 7.412 million ounces, with an increase of 30,000 ounces, marking the 13th consecutive month of gold accumulation by the central bank [2]. - The central bank's ongoing small-scale purchases of gold amid rising international gold prices signal an intention to optimize international reserves [2]. - Increasing gold reserves enhances the credibility of the sovereign currency and creates favorable conditions for the cautious advancement of renminbi internationalization [2].