连续15个月增持 人民银行买金仍是大方向

Core Viewpoint - China's foreign exchange reserves reached $339.91 billion at the end of January 2026, marking a 1.23% increase and the highest level since December 2015, driven by a decline in the US dollar index and an overall rise in global financial asset prices [3][4][6] Foreign Exchange Reserves - As of January 2026, China's foreign exchange reserves increased by $4.12 billion from December 2025, maintaining a level above $3.3 trillion for six consecutive months [3][4] - The rise in reserves is attributed to the depreciation of the US dollar and the appreciation of non-dollar assets, with the dollar index falling by 1.2% in January [4][5] - The stability of China's economy has provided support for maintaining foreign exchange reserves at a stable level [4][9] Gold Reserves - China's gold reserves reached 7.419 million ounces at the end of January 2026, 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 [6][7] - The continuous increase in gold reserves reflects a strategic shift towards enhancing the proportion of "non-credit assets" in the foreign exchange reserve structure [6][8] - The global trend of central banks increasing gold holdings has been a significant driver of gold price increases, with global central bank purchases reaching 1,080 tons in 2022, doubling the historical average [6][7] Market Dynamics - The increase in gold reserves has been characterized by low-volume, multiple small purchases, allowing for smoother market fluctuations and cost management [7][8] - The current geopolitical uncertainties and the US Federal Reserve's monetary policy have contributed to the ongoing rise in international gold prices, which may influence future gold purchases by the People's Bank of China [7][8] - The need to optimize the structure of international reserves suggests a continued focus on increasing gold reserves while moderately reducing US Treasury holdings [8][9]