央行连续9个月增持黄金背后

Group 1: Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $25.2 billion from June, marking a decline of 0.76% [1] - The decline in foreign exchange reserves is attributed to the rise in the US dollar index and fluctuations in global financial asset prices, despite the reserves remaining above $3.2 trillion for 20 consecutive months [1][5] - The current level of foreign exchange reserves is considered adequate, providing support for maintaining the RMB exchange rate at a reasonable equilibrium [1][4] Group 2: Gold Reserves - The People's Bank of China has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons) by the end of July, with a month-on-month increase of 6,000 ounces [2][8] - The gold reserve value increased by $1 billion to $24,398.5 billion, accounting for 7.41% of the total foreign exchange reserves, which is still below the global average of around 15% [2][8] - The central bank's strategy to increase gold reserves is driven by the need to optimize international reserve structure and enhance the credibility of the sovereign currency amid geopolitical uncertainties [8][10] Group 3: Economic Outlook - Despite facing risks and challenges, China's macroeconomic policies are prepared to adapt flexibly, with an emphasis on maintaining stable economic growth through proactive fiscal and monetary policies [6] - The central bank's continued accumulation of gold is seen as a strategic move to diversify international reserves and respond to changes in the global economic landscape [10][11] - A recent survey indicated that over 90% of central banks expect to increase their gold holdings in the next 12 months, reflecting a growing trend towards gold as a reserve asset [11]