外汇储备创近10年新高，央行连续13个月增持黄金

Group 1: Foreign Exchange Reserves - As of the end of November, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, marking a rise of 0.09% and the highest level since December 2015 [1][2] - The increase in foreign exchange 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 [2][3] - The reserves have remained above $3.3 trillion for four consecutive months, with a significant increase of $144 billion compared to the end of the previous year, driven by the depreciation of the dollar and a decline in U.S. Treasury yields [2][3] Group 2: Gold Reserves - China's official gold reserves increased to 7.412 million ounces by the end of November, marking the 13th consecutive month of increases, although the increment has been at a low level for the past nine months [1][4] - The price of gold rose from $4,000 per ounce at the end of October to $4,200 per ounce in November, influenced by expectations of U.S. interest rate cuts and ongoing geopolitical risks [4][5] - The central bank's continued small-scale purchases of gold signal an intention to optimize international reserves, with a recommendation to reduce U.S. Treasury holdings while increasing gold reserves [5][6] Group 3: Economic Outlook - The stability of foreign exchange reserves is expected to continue, supported by a solid economic foundation and favorable conditions in China's economy, including a recent reduction in tariffs on exports to the U.S. [3] - The ongoing adjustments in capital market access for foreign investors are anticipated to enhance the attractiveness of China's market [3] - The long-term fundamentals supporting gold prices remain unchanged, with expectations of continued upward pressure on gold due to geopolitical tensions and the depreciation of the dollar [4][5]