10月外汇储备继续环比上升！央行连续12个月增持黄金

Core Viewpoint - As of the end of October 2025, China's foreign exchange reserves reached $33,433 billion, marking a $47 billion increase from the end of September, the highest level since December 2015, with reserves remaining above $3.3 trillion for three consecutive months [1][4][5]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves in October was influenced by the monetary policies and expectations of major economies, as well as macroeconomic data, leading to a rise in the US dollar index and overall global financial asset prices [1][5]. - The US dollar index rose approximately 1.95% in the past month, while the euro, yen, and pound depreciated against the dollar by 1.7%, 4%, and 2.2% respectively [5][6]. - Despite the Federal Reserve's interest rate cut in October, the dollar strengthened due to market expectations regarding future rate cuts and geopolitical uncertainties [5][6]. Group 2: Gold Reserves - As of the end of October, China's official gold reserves stood at 7,409 million ounces, with a monthly increase of 3,000 ounces, the lowest growth rate since the resumption of gold purchases in November 2024 [1][9]. - The People's Bank of China has been incrementally increasing its gold reserves for 12 consecutive months, signaling a strategy to optimize international reserves [8][10]. - Recent fluctuations in the gold market saw prices briefly exceed $4,000 per ounce before retreating, with expectations of a slowdown in gold purchases by central banks due to various market factors [11].