中国央行放缓买金节奏，世界黄金协会：2026年黄金可能再出人意料

Core Points - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from October, marking a 0.09% rise [3][17] - This is the fourth consecutive month that reserves have remained above $33 trillion, the highest level since December 2015 [4][6] - The stability in reserves is attributed to minor fluctuations in the dollar index and mixed performance in global financial assets [4][20] Foreign Exchange Reserves - The increase in foreign exchange reserves is primarily due to asset price changes and exchange rate fluctuations [4][20] - The dollar index fell by 0.3% in November, while non-dollar currencies showed mixed results, with the Japanese yen declining by 1.38% [5][20] - The U.S. is set to reduce tariffs on Chinese goods by 10%, which is expected to stabilize China's export scale to the U.S. [5][20] Gold Reserves - The People's Bank of China (PBOC) has increased its gold reserves for the 13th consecutive month, reaching 7,412 million ounces, with a stable increase of 3,000 ounces from the previous month [4][22] - The pace of gold accumulation has slowed down, with the total increase from January to November 2025 showing a declining trend [19][22] - The gold reserves now account for 9.28% of total foreign exchange reserves, a historical high [22][24] Market Outlook - The World Gold Council anticipates that geopolitical and economic uncertainties will continue to influence the gold market in 2026 [25][26] - If economic growth slows and interest rates decline further, gold prices may experience moderate increases [26] - The importance of gold as a diversification tool in investment portfolios is emphasized, especially in the context of increasing global uncertainties [26][24]