11月末我国外储规模为33464亿美元 央行已连续13个月增持黄金

Core Insights - China's foreign exchange reserves increased to $33,464 billion by the end of November 2025, marking a rise of $3 billion or 0.09% from the end of October [1] - The People's Bank of China reported a gold reserve of 7.412 million ounces at the end of November, with an increase of 30,000 ounces [1] - Analysts attribute the rise in reserves to expectations of a Federal Reserve rate cut and a slight depreciation of the US dollar, which positively impacted the valuation of non-dollar assets in China's reserves [1][2] Foreign Exchange Reserves - The increase in foreign exchange reserves is influenced by macroeconomic data and monetary policy expectations from major economies, leading to a slight decline in the US dollar index [2] - The reserves have remained above $3.3 trillion for four consecutive months, the highest level since December 2015, with a significant increase of $144 billion compared to the end of the previous year [2] - Factors contributing to this stability include a significant depreciation of the dollar, a decline in US Treasury yields, and rising global stock indices [2] Gold Reserves - China's gold reserves increased by 30,000 ounces in November, continuing a trend of 13 consecutive months of gold accumulation [4] - The price of gold rose from $4,000 per ounce at the end of October to above $4,200 in November, driven by expectations of a Federal Reserve rate cut and a depreciating dollar [4] - The current gold reserve proportion in China's international reserves is 8.0%, significantly below the global average of around 15%, indicating a need for continued accumulation of gold [5] Economic Context - The US economic data released in November showed weakness, contributing to an increased probability of a Federal Reserve rate cut to over 80% [3] - The reduction of tariffs on Chinese exports to the US by 10% is expected to stabilize China's export scale to the US [3] - China's capital market is being progressively opened to foreign investors, enhancing the attractiveness for overseas investments [3]