去年中国黄金储备增加86万盎司，央行已连续14个月增持

Group 1 - In 2025, China's gold reserves increased by 860,000 ounces, reaching a total of 74.15 million ounces by the end of the year, with a monthly increase observed throughout the year [1] - The People's Bank of China (PBOC) has been consistently increasing its gold holdings since November 2024, marking 14 consecutive months of accumulation [1] - The monthly increases in gold reserves varied, with the highest being 160,000 ounces in January and February, and the lowest being 30,000 ounces in the last three months of 2025 [1] Group 2 - In December 2025, the Federal Reserve is expected to lower interest rates, which, combined with geopolitical tensions, has led to an increase in gold prices from around $4,200 per ounce to above $4,300 [2] - The ongoing trend of "de-dollarization" has prompted central banks worldwide to increase their gold reserves, with global central banks net purchasing 53 tons of gold in October 2025, the highest monthly level for the year [2] - The PBOC's recent gold purchases are seen as a response to changing global political and economic conditions, indicating a reduced necessity to pause gold accumulation for cost control while emphasizing the need to optimize international reserve structures [2][3] Group 3 - As of November 2025, gold reserves constituted approximately 9.5% of China's official international reserves, significantly below the global average of around 15%, highlighting the need for continued gold accumulation [3] - Increasing gold reserves is viewed as a strategy to enhance the credibility of the sovereign currency and facilitate the cautious internationalization of the Renminbi [3] - The PBOC's gold accumulation strategy is aligned with the goal of optimizing international reserve structures and responding to current international environmental changes [3]