央行，连续第8个月增持黄金

Core Viewpoint - The People's Bank of China has increased its gold reserves for the eighth consecutive month, reflecting a steady diversification of international reserve assets amid geopolitical uncertainties and market volatility [1][2]. Group 1: Short-term Analysis - In June, the central bank's continued gold accumulation is attributed to capturing technical price adjustments and reducing acquisition costs, while also addressing new geopolitical risks and market sentiment [1]. - The international gold price saw a significant increase of over 25% in the first half of the year, marking the largest half-year gain in 18 years [1]. Group 2: Medium-term Outlook - Global trade uncertainties, ongoing geopolitical conflicts, and a weakening dollar are expected to drive central banks and investors to continue increasing gold investments, supporting a potential upward trend in gold prices [1][2]. Group 3: Long-term Perspective - Gold remains irreplaceable for its hedging, anti-inflation, and long-term value retention properties, indicating that the central bank's policy to adjust gold reserves will persist [2]. - As of June 2025, gold is projected to constitute 7.0% of China's official international reserve assets, significantly below the global average of around 15%, suggesting a need for continued accumulation [2]. Group 4: Foreign Exchange Reserves - As of June 2025, China's foreign exchange reserves reached $33,174 billion, reflecting an increase of $322 billion or 0.98% from the previous month, influenced by macroeconomic policies and asset price changes [2][3]. - The decline of the dollar index by 2.5% to its lowest point in three years has contributed to the increase in foreign exchange reserves, as non-dollar currencies appreciated [3].