央行连续9个月增持黄金！外汇储备继续站稳3.2万亿美元

Core Viewpoint - China's foreign exchange reserves stood at $32,922 billion as of the end of July 2025, marking a decrease of $252 billion or 0.76% from the end of June, while remaining above $3.2 trillion for the 20th consecutive month [1][5]. Group 1: Foreign Exchange Reserves - The decline in foreign exchange reserves in July was influenced by macroeconomic data, monetary policy expectations, and a rising US dollar index, which led to mixed performance in global financial asset prices [2][5]. - The US dollar index rebounded in July, ending a five-month decline, driven by trade agreements and reduced expectations for Federal Reserve rate cuts, which affected the valuation of non-dollar currencies [5]. - Despite the decrease, the overall stability of China's foreign exchange reserves is supported by a strong economic foundation and favorable long-term trends [5]. Group 2: Gold Reserves - As of the end of July 2025, China's official gold reserves increased to 7,396 million ounces, with a monthly addition of 6,000 ounces, marking nine consecutive months of gold accumulation by the central bank [2][6]. - The central bank's strategy of increasing gold reserves reflects a balance between optimizing reserve structure and controlling acquisition costs during a period of technical adjustments in gold prices [6]. - Global central banks are expected to continue increasing their gold reserves in the coming year, driven by economic and geopolitical uncertainties, with 95% of surveyed central banks anticipating further increases [6].