连续15个月增持 金价波动不改央行增持节奏

Core Viewpoint - The People's Bank of China has increased its gold reserves for 15 consecutive months, reflecting a strategic shift towards enhancing the proportion of "non-credit assets" in its foreign exchange reserves amid a changing global monetary landscape [1][3]. Group 1: Foreign Exchange Reserves - As of January 2026, China's foreign exchange reserves reached $3.3991 trillion, an increase of $41.2 billion or 1.23% from December 2025, marking a ten-year high [1]. - The foreign exchange reserves have remained above $3.3 trillion for six consecutive months, indicating stability in cross-border capital flows and moderate demand for foreign currency from enterprises and residents [2]. - The rise in foreign exchange reserves is attributed to the depreciation of the US dollar and the overall increase in global financial asset prices, influenced by major economies' fiscal and monetary policies [1][2]. Group 2: Gold Reserves - The official gold reserves of China increased by 40,000 ounces in January 2026, continuing a trend of monthly increases since March 2025, with the monthly increments remaining below 100,000 ounces [3]. - The global demand for physical gold surpassed 5,000 tons in 2025, a historical high, driven by structural factors such as high debt levels and ongoing geopolitical risks, which are expected to continue influencing central bank purchases of gold [3]. - The strategy of gradually increasing gold reserves allows the central bank to smooth market volatility and manage costs effectively, while also providing stability signals to the market [4]. Group 3: Future Outlook - The central bank is expected to continue increasing its gold reserves as part of a broader strategy to optimize international reserve structures and cautiously advance the internationalization of the Renminbi in response to current international environmental changes [5].