创2015年以来新高！中国外储连续五个月增长，汇率资产双因素驱动

Group 1 - As of December 2025, China's foreign exchange reserves reached $3357.9 billion, marking a month-on-month increase of $11.5 billion, or 0.34%, and achieving a ten-year high since December 2015, reflecting the resilience of the Chinese economy in stabilizing cross-border capital flows [1][3] - The increase in foreign reserves in December 2025 was primarily influenced by multiple factors in the international market, including the Federal Reserve's third interest rate cut of the year, which lowered the federal funds rate target range to 3.50%-3.75%, resulting in a 1.1% decline in the US dollar index to 98.3, thus contributing positively to the valuation of non-dollar assets [3] - China's trade surplus exceeded $1 trillion for the first time in the first eleven months of the previous year, with an upgraded export product structure and diversified markets significantly supporting the international balance of payments [3] Group 2 - The exchange rate of the Chinese yuan has shown a positive interaction with changes in foreign reserves, with the yuan entering an appreciation channel since July 2025, and both onshore and offshore rates surpassing the 7 mark by year-end [4] - Analysts predict that foreign reserves will remain stable in 2026, with expectations of continued interest rate cuts by the Federal Reserve, a potential decline in the US dollar index and Treasury yields, alongside a steady improvement in the Chinese economy [4] - The long-term supportive conditions and fundamental trends for the Chinese economy remain unchanged, which will continue to provide stability for foreign reserves [4]