经济“数”语｜央行连续15个月增持黄金，什么信号？

Group 1 - The People's Bank of China (PBOC) has increased its gold reserves for 15 consecutive months, with reserves reaching 7.419 million ounces by the end of January 2026, up from 7.415 million ounces at the end of December 2025 [1] - The increase in gold reserves began in November 2024, after a pause in May 2024, and in 2025, the total increase was 860,000 ounces [1][3] - Despite the continuous increase, the monthly increment has been low for 11 consecutive months, attributed to high geopolitical risks and expectations of interest rate cuts by the Federal Reserve [3] Group 2 - Analysts suggest that the PBOC's continued gold purchases are driven by changes in the global political and economic landscape, indicating a reduced necessity to pause gold accumulation from a cost-control perspective [3][4] - The current gold reserve proportion of approximately 9.7% is significantly below the global average of around 15%, suggesting a need for further accumulation of gold reserves to optimize international reserve structure [3][4] - The PBOC's strategy to increase gold reserves is also seen as a means to enhance the credibility of the sovereign currency and support the internationalization of the Renminbi [4] Group 3 - The foreign exchange reserves of China stood at $3.3991 trillion by the end of January 2026, reflecting an increase of $41.2 billion or 1.23% from December 2025 [8] - The increase in foreign exchange reserves is attributed to the overall rise in global financial asset prices and the depreciation of the US dollar index, supported by China's resilient economic performance [8] - The strong export performance in 2025, particularly in the machinery and equipment sectors, along with stable foreign direct investment, has contributed to the stability of foreign exchange reserves [8]