我国外汇储备连续五个月站上3.3万亿美元 续创10年以来新高

Core Viewpoint - China's foreign exchange reserves reached a new high of $33,579 billion by the end of December 2025, marking a continuous increase for five months and reflecting the impact of major economies' monetary policies and macroeconomic data on the dollar index and global asset prices [1][4]. Foreign Exchange Reserves - As of December 2025, China's foreign exchange reserves increased by $11.5 billion from the previous month, with a growth rate of 0.34%, attributed to the depreciation of the dollar index and changes in asset prices [1][4]. - The dollar index fell by 1.1% to 98.3 in December, contributing to the appreciation of non-dollar assets in China's reserves [1][4]. - The overall foreign exchange reserves for 2025 increased by $155.5 billion compared to the end of the previous year, with a significant annual decline of 9.4% in the dollar index [4][5]. Gold Reserves - The People's Bank of China (PBOC) increased its gold reserves for the 14th consecutive month, reaching 7,415 million ounces (approximately 2,306.323 tons) by the end of December 2025, with a month-on-month increase of 3,000 ounces [2][7]. - The pace of gold accumulation has slowed down, indicating a balance between optimizing reserve structure and controlling acquisition costs [2][7]. - The global gold price reached a historical high, with a monthly increase of 2.8%, reflecting strong demand and the strategic importance of gold in reserve diversification [7][8]. Economic Context - China's economic stability and growth momentum are expected to support the stability of foreign exchange reserves, with improvements in export product structure and capital market performance [6][5]. - The PBOC's strategy includes ensuring the safety, liquidity, and value retention of foreign exchange reserve assets, as outlined in the 2026 foreign exchange management work plan [6]. Global Trends - The trend towards diversification of international reserves is expected to continue, with emerging market central banks increasing their gold holdings as a response to global economic uncertainties [7][8]. - The strategic role of gold in central bank asset management is emphasized, as it serves as a hedge against risks and a means to reduce reliance on any single sovereign currency [9].