Core Insights - 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 month-on-month increase of 30,000 ounces from November 2025 [1] - The People's Bank of China (PBOC) maintained a continuous gold accumulation strategy throughout 2025, marking 14 consecutive months of increases since resuming purchases in November 2024 [1] - The monthly gold accumulation by the PBOC in 2025 varied, with the highest being 160,000 ounces in January and the lowest at 30,000 ounces in December [1] Group 1 - The PBOC's gold accumulation is driven by the changing global political and economic landscape following the new U.S. government taking office, leading to a likely prolonged period of rising international gold prices [2] - The urgency to optimize the international reserve structure has increased, as the gold reserve proportion in China's official international reserves is approximately 9.5%, significantly lower than the global average of around 15% [2] - The PBOC's strategy includes a gradual increase in gold reserves while potentially reducing U.S. Treasury holdings to enhance asset allocation [2]
连续14个月增持，央行黄金配置仍具长期趋势
Jin Rong Jie·2026-01-07 12:17