央行连续15个月增持黄金，2026年1月末储备达7419万盎司

Core Viewpoint - China's official gold reserves reached 74.19 million ounces by the end of January 2026, marking a 40,000-ounce increase from December 2025, indicating the central bank's continuous gold accumulation for 15 months amid rising international gold prices [1] Group 1: Central Bank's Gold Accumulation - The recent significant fluctuations in international gold prices have had a limited impact on the central bank's gold accumulation strategy [1] - The central bank's gold purchases are driven by the need to optimize international reserve structure, cautiously promote the internationalization of the Renminbi, and respond to current international environmental changes [1] - The scale of gold accumulation in January was relatively low due to cost control considerations [1] Group 2: Global Economic Context - Ongoing geopolitical risks and the Federal Reserve's continuous interest rate cuts have contributed to a rapid increase in international gold prices in January [1] - The new changes in the global political and economic landscape since the current U.S. administration took office suggest that international gold prices may remain high for an extended period [1] Group 3: Future Gold Reserve Strategy - As of December 2025, gold reserves accounted for approximately 9.7% of China's official international reserves, significantly below the global average of around 15% [1] - There is a need for continued gold accumulation to optimize the international reserve structure while moderately reducing U.S. Treasury holdings [1] - Increasing gold reserves can enhance the credibility of the sovereign currency and create favorable conditions for the cautious promotion of Renminbi internationalization [1]