央行连续第15个月买入黄金，小幅增持黄金释放何种信号？

Core Viewpoint - The People's Bank of China has increased its official foreign exchange reserves and gold reserves, indicating a strategic shift towards optimizing international reserve structures amid rising geopolitical risks and fluctuating gold prices [1][2]. Group 1: Foreign Exchange Reserves - As of January 2026, China's foreign exchange reserves reached $339.91 billion, an increase of $4.12 billion (1.23%) from December 2025 [1]. - The total official reserve assets amounted to $38,362.81 million, with foreign currency reserves being the largest component [1]. Group 2: Gold Reserves - China's gold reserves stood at 74.19 million ounces as of January 2026, with an increase of 40,000 ounces from the previous month [1]. - The central bank has increased its gold reserves for the 15th consecutive month, although the increase has been at a low level for the 11th month in a row [1]. - In 2025, China's official gold reserves increased by 860,000 ounces (approximately 24.38 tons), contributing significantly to global gold demand [3]. Group 3: Strategic Insights - Analysts suggest that the recent small increases in gold reserves during a period of rising international gold prices signal a move towards optimizing the structure of international reserves [2]. - The proportion of gold reserves in China's total official international reserves is approximately 9.7%, which is significantly below the global average of around 15%, indicating a need for continued accumulation of gold reserves [2].