1月末我国外储规模环比上升412亿美元 未来有望保持基本稳定

Core Viewpoint - As of January 2026, China's foreign exchange reserves reached $339.91 billion, an increase of $41.2 billion from December 2025, marking a 1.23% rise, the highest since January 2024 [3] Group 1: Factors Influencing Foreign Exchange Reserves - The increase in foreign exchange reserves is driven by three main factors: a temporary decline in the US dollar index, a rebound in global financial asset prices, and a stable trade surplus in China [3] - The State Administration of Foreign Exchange noted that the decline in the US dollar index and the overall rise in global financial asset prices contributed to the increase in reserves [3] Group 2: Currency and Asset Price Movements - In January, the US dollar index fell by 1.4% to 97.0, with non-US currencies strengthening, including the Japanese yen, euro, and British pound, which rose by 1.23%, 0.9%, and 1.6% respectively [4] - The yield on 10-year US Treasury bonds increased by 8 basis points to 4.26%, while global stock markets showed a generally strong performance, with the S&P 500 index rising by 1.4% [4] Group 3: Future Outlook - The resilience of China's foreign trade is expected to continue, with exports reaching a historical high, particularly in the machinery and equipment sectors [4] - The ongoing facilitation of cross-border investment and financing policies is anticipated to enhance the attractiveness of China's capital markets to foreign investors [5] - Overall, China's foreign exchange reserves are expected to remain stable, supported by a strong economic foundation and the attractiveness of RMB assets [5]