2025年12月外储规模小幅上升 央行连续14个月增持黄金

Core Insights - As of December 2025, China's foreign exchange reserves increased by $11.5 billion to $335.79 billion, marking a rise of 0.34% from the previous month [1][2] - The increase in reserves is attributed to the depreciation of the US dollar index and fluctuations in global financial asset prices, alongside positive valuation effects from exchange rate adjustments [1][2] - China's gold reserves reached 74.15 million ounces, with an increase of 30,000 ounces, marking the 14th consecutive month of gold accumulation by the central bank [1][4] Foreign Exchange Reserves - The foreign exchange reserves rose by $155.5 billion compared to the end of the previous year, remaining above $3.3 trillion for five consecutive months, the highest level since December 2015 [2] - The US dollar index fell by 9.4% in 2025, contributing to the increase in reserves, alongside rising global stock indices and a 40 basis point decline in US Treasury yields [2] - The current level of foreign exchange reserves is considered moderately sufficient, providing essential support for maintaining the RMB exchange rate at a reasonable equilibrium [3] Gold Reserves - The central bank's gold reserves accounted for 9.51% of the total foreign exchange reserves, an increase of 3.54 percentage points from the previous year, setting a new historical high [4] - The acceleration of RMB internationalization is expected to benefit from a certain scale of gold reserves, which can provide liquidity for RMB-denominated gold products [4] - The central bank's strategy to increase gold reserves is seen as a long-term direction to optimize international reserve structure and respond to current international environmental changes [4]