11月末外储规模小幅上升，央行连续13个月增持黄金

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, marking a 0.09% rise [1] - China's gold reserves stood at 7.412 million ounces at the end of November, with an increase of 30,000 ounces, representing the 13th consecutive month of gold accumulation by the central bank [1] - The increase in foreign exchange reserves is attributed to the impact of macroeconomic data and monetary policy expectations from major economies, leading to a depreciation of the US dollar index and fluctuations in global financial asset prices [1] Group 2 - The stability of China's foreign exchange reserves is fundamentally supported by the country's strong economic foundation, advantages, resilience, and potential [2] - Recent measures by the China Securities Regulatory Commission to optimize the Qualified Foreign Institutional Investor (QFII) system are expected to enhance the attractiveness of China's capital market to foreign investors [2] - Analysts suggest that the current level of foreign exchange reserves is adequately sufficient, providing essential support for maintaining the RMB exchange rate at a reasonable equilibrium amid external volatility [2] Group 3 - The People's Bank of China's continued small-scale accumulation of gold during a period of rising international gold prices signals an intention to optimize international reserves [2] - There is a recommendation for the central bank to continue increasing gold reserves while moderately reducing US Treasury holdings, as gold is widely accepted as a final means of payment [2] - Enhancing gold reserves is seen as a way to strengthen the credibility of the sovereign currency and create favorable conditions for the cautious advancement of RMB internationalization [2]