我国外储11月上涨 0.09%，黄金增持已连续13个月！ 形势一片大好！

Group 1 - The world is potentially forming a dual financial trend, with COMEX and SHFE as potential winners, while LME may suffer significant losses, particularly in industrial and financial-related precious metals like gold, silver, and copper [1] - The liquidity trends indicate a national-level withdrawal of liquidity, as no single entity can manage the liquidity of three precious metals simultaneously, highlighting the challenges faced by the London market [1] - China's foreign exchange reserves reached $3346.4 billion in November, marking a slight increase of $3 billion from October, and maintaining stability above $3.3 trillion for four consecutive months, the highest since December 2015 [1][5] Group 2 - The central bank's gold reserves increased by 30,000 ounces to 74.12 million ounces, marking 13 consecutive months of accumulation, reflecting a strategic choice to optimize reserve structure and mitigate financial risks amid a complex international environment [3][5] - The stable foreign reserves are crucial for ensuring smooth international trade payments and cross-border investments, providing a solid external credit environment for Chinese enterprises [5] - The slight increase in foreign reserves in November was influenced by market factors, including a 0.3% decline in the US dollar index and rising non-US currencies, indicating a reduced correlation with other major currencies [5][9] Group 3 - Gold is viewed as a quality asset to avoid sanctions and currency fluctuations, with China's accumulation aimed at stabilizing the RMB exchange rate and enhancing its pricing power in the global precious metals market [8] - The current gold reserves account for approximately 9.28% of total foreign reserves, significantly below the global average of 15%, indicating a need for continued accumulation to diversify reserves [8] - The increase in gold reserves is expected to enhance international trust in the RMB, supporting trade models that involve "RMB pricing + gold settlement" in Southeast Asia and the Middle East [8][9] Group 4 - The recent foreign reserve data alleviates concerns over exchange rate fluctuations, stabilizing expectations for import-export enterprises and reducing hedging costs [9] - The surge in China's gold ETF size by 223% in 2025, from 73 billion to 236.1 billion, demonstrates the positive market impact of the central bank's gold accumulation [9][12] - The combination of stable foreign reserves and a reasonable reserve structure is likely to attract foreign investment, enhancing confidence in the Chinese market [12]