外储规模创十年来新高！人民银行买金仍是大方向

Core Viewpoint - As of the end of January 2026, China's foreign exchange reserves reached a record high of $339.91 billion, marking a 1.23% increase from December 2025, driven by a decline in the US dollar index and an overall rise in global financial asset prices [1][3][5]. Foreign Exchange Reserves - China's foreign exchange reserves stood at $33990.78 million as of January 2026, up by $412 million from December 2025, the highest level since December 2015 [2][3]. - The increase in reserves is attributed to a 1.2% drop in the US dollar index and rising global financial asset prices, with the latter being influenced by factors such as AI investment trends [3][4][5]. - The reserves have remained above $3.3 trillion for six consecutive months, reflecting the resilience of China's economic performance [5][10]. Gold Reserves - As of January 2026, China's gold reserves were reported at 7.419 million ounces, a slight increase from 7.415 million ounces in December 2025, marking the 15th consecutive month of gold accumulation by the People's Bank of China [1][6]. - The ongoing increase in gold reserves is linked to a strong upward trend in international gold prices, with significant gains observed since September 2022 [6][7]. - The strategy of gradual accumulation of gold is seen as a way to mitigate market volatility and optimize the structure of international reserves, especially in light of geopolitical uncertainties [7][9]. Market Implications - The increase in foreign exchange reserves and gold holdings is expected to stabilize market expectations and enhance the attractiveness of RMB-denominated assets, providing greater flexibility for future monetary and exchange rate policies [8][9]. - The People's Bank of China is likely to continue its strategy of increasing gold reserves while moderately reducing US Treasury holdings, aiming to diversify its international reserves [9][10].