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Core Viewpoint - China's foreign exchange reserves decreased for the first time in July 2025 after six consecutive months of growth, while the central bank has increased its gold reserves for the ninth consecutive month [1][4][5]. Group 1: Foreign Exchange Reserves - As of the end of July 2025, China's foreign exchange reserves stood at $3,292.2 billion, a decrease of $25.2 billion (0.76%) from the end of June [1][4]. - The decline in foreign exchange reserves is attributed to factors such as exchange rate adjustments and changes in asset prices [1][5]. - In the first six months of 2025, foreign exchange reserves had shown consistent growth, with increases of $6.679 billion, $18.2 billion, $13.441 billion, $41 billion, $3.6 billion, and $32.2 billion respectively [4]. Group 2: Gold Reserves - The central bank's gold reserves reached 7,396 million ounces (approximately 2300.41 tons) by the end of July 2025, an increase of 60,000 ounces (about 1.86 tons) from the previous month [1][3]. - The global demand for gold surged significantly, with a 45% year-on-year increase in total demand during the second quarter of 2025, reaching a record $132 billion [7]. - Despite fluctuations in gold prices, the demand for gold remains strong, with UBS Wealth Management projecting a target price of $3,500 per ounce under baseline scenarios, and a potential rise to $3,800 per ounce if geopolitical or economic conditions worsen [12][13].