中国外汇储备创十年新高，黄金储备连续14个月增持背后的全球变局

Core Insights - As of December 2025, China's foreign exchange reserves reached $3357.9 billion, marking a $11.5 billion increase from November, representing a growth rate of 0.34% [1][2] - This increase in reserves is part of a five-month expansion trend, indicating stable growth of China's reserve assets in the global economic environment [2] Group 1: Key Data Highlights - China's foreign exchange reserves reached $3357.9 billion by December, the highest level since November 2015, with a $11.5 billion increase from $3346.0 billion in November [2] - Gold reserves also increased, reaching 74.15 million ounces (approximately 2306.32 tons), with a month-on-month increase of 30,000 ounces (approximately 0.93 tons), marking the 14th consecutive month of accumulation [2] Group 2: Market Factors Driving Asset Changes - The rise in foreign exchange reserves is attributed to a combination of market factors, including a decline in the US dollar index and fluctuations in global financial asset prices [3] - The weaker dollar in December led to an increase in the valuation of non-dollar assets, while rising global financial asset prices also contributed to the growth of reserves [3] Group 3: International Comparison - The trend of increasing gold reserves is not isolated to China; 95% of surveyed central banks expect to continue increasing their gold holdings in the next 12 months, with 43% planning to actively increase allocations [4] - The share of gold in global central bank reserves has risen from 24% in June 2025 to 30% by October 2025, while the share of the US dollar has decreased from 43% to 40% [4] Group 4: Underlying Logic - The continuous increase in gold reserves reflects strategic considerations, as China's gold reserves account for only 8.0% of its official international reserves, significantly below the global average of around 15% [5] - The trend of reducing reliance on the US dollar is driven by concerns over the safety and stability of dollar-denominated assets, as evidenced by China's reduction of $25.7 billion in US Treasury holdings in July 2025 [5] Group 5: Future Outlook - The People's Bank of China plans to maintain a moderately loose monetary policy and focus on ensuring the safety and value appreciation of foreign exchange reserve assets [6] - Analysts predict that the central bank's gold accumulation will continue, driven by the need to optimize reserve structures and reduce dependence on the US dollar [7] Group 6: Long-term Impact - The current global trend of central banks increasing gold reserves may significantly impact the future international monetary system, potentially challenging the dominance of the US dollar [8] - The trend towards "de-dollarization" could create new opportunities for the internationalization of the Chinese yuan, with expectations of increased yuan-denominated trade and investment [8]