央行连续13个月增持黄金，外汇储备创近10年新高
Di Yi Cai Jing·2025-12-07 07:26

Core Viewpoint - China's foreign exchange reserves reached a new high of $33,464 billion at the end of November, marking a significant increase of $144 billion compared to the end of the previous year, the highest level since December 2015 [1][3]. Group 1: Foreign Exchange Reserves - As of the end of November, China's foreign exchange reserves increased by $30 billion from the end of October, reflecting a growth rate of 0.09% [1][3]. - The increase in reserves is attributed to the combined effects of exchange rate fluctuations and asset price changes, with the dollar index experiencing a slight decline of 0.29% in November [3]. - The reserves have remained above $3.3 trillion for four consecutive months, supported by the depreciation of the dollar and a significant decline in U.S. Treasury yields [3][4]. Group 2: Gold Reserves - China's gold reserves reached 7.412 million ounces at the end of November, marking a continuous increase for 13 months, although the increment has been low for the past nine months [2][5]. - The price of gold rose from $4,000 per ounce at the end of October to $4,200 per ounce in November, driven by expectations of interest rate cuts by the Federal Reserve and geopolitical risks [5][6]. - Analysts suggest that the long-term fundamentals supporting gold prices remain unchanged, with expectations of continued increases in gold reserves as a strategy to optimize international reserve structures [6][7]. Group 3: Economic Outlook - The stability of foreign exchange reserves is expected to continue, providing essential support for maintaining the RMB exchange rate at a reasonable level amid external volatility [4]. - The recent reduction of tariffs on Chinese exports to the U.S. is anticipated to stabilize export volumes, while ongoing reforms in capital market openness are expected to attract foreign investment [4]. - The overall economic foundation of China is considered strong, with significant resilience and potential, which underpins the stability of foreign exchange reserves [4].