央行，爆买245亿！

Core Viewpoint - The People's Bank of China (PBOC) has been increasing its gold reserves for seven consecutive months, with a total increase of 1.03 million ounces, reflecting a strategic move to optimize international reserve structure and support the internationalization of the Renminbi [1][4][6]. Group 1: Gold Reserves - As of May 2025, China's official gold reserves reached 73.83 million ounces (approximately 2,296.37 tons), with an increase of 60,000 ounces from the previous month [1][4]. - The total increase in gold reserves since November 2024 amounts to 1.03 million ounces, valued at approximately $3.41 billion (around 24.5 billion RMB) based on current gold prices [1][4][6]. - Analysts suggest that the low proportion of gold in China's international reserves (7.0% compared to the global average of around 15%) necessitates further accumulation of gold [6]. Group 2: Foreign Exchange Reserves - As of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, reflecting an increase of $3.6 billion (0.11%) from April [2][3]. - The growth in foreign exchange reserves has been consistent throughout 2025, with monthly increases recorded from January to May [2][5]. - The stability of foreign exchange reserves is supported by the ongoing recovery of the Chinese economy and recent policy measures aimed at bolstering the real economy [3][6]. Group 3: Market Outlook - The World Gold Council anticipates that gold prices have potential for further increases, with Goldman Sachs predicting prices could reach $4,000 per ounce by mid-next year [1][7]. - The current economic environment, characterized by uncertainties and inflation concerns, positions gold as a valuable asset for hedging against market volatility [6][7]. - Analysts emphasize that gold remains a safer hedge compared to Bitcoin, particularly in the context of stock market downturns [7].