央行，连续出手！10月外汇储备继续环比上升

Core Viewpoint - As of October 2025, China's foreign exchange reserves reached $33,433 billion, marking a $47 billion increase from September, the highest level since December 2015, with reserves stabilizing above $3.3 trillion for three consecutive months [1][2]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves in October was influenced by major economies' monetary policies, macroeconomic data, and a rising U.S. dollar index, which saw a 1.95% increase over the month [2][3]. - The rise in global financial asset prices, supported by a strong performance in global stock and bond markets, contributed to the increase in China's foreign exchange reserves [3]. Group 2: Gold Reserves - As of October, China's official gold reserves stood at 7.409 million ounces, with a monthly increase of 30,000 ounces, the lowest growth rate since the resumption of gold purchases in November 2024 [4]. - The People's Bank of China has been gradually increasing gold reserves since March, with monthly increments below 100,000 ounces, signaling a strategy to optimize international reserves [4][5]. Group 3: Market Outlook - The outlook for foreign exchange reserves remains stable due to China's strong economic fundamentals, resilience, and potential for growth, which are expected to support the stability of reserves [3]. - In the short term, gold demand may slow down due to easing geopolitical risks and trade tensions, while long-term demand is expected to remain strong as central banks continue to diversify their reserves [5].