中国外储连续三月超3.3万亿美元，央行买金节奏有变

Core Viewpoint - China's foreign exchange reserves reached $33,433 billion by the end of October 2025, marking a $47 billion increase from September, the highest level since December 2015 [1][4]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the rise in global financial asset prices and the valuation effects from currency exchange rates [4][6]. - The dollar index rose by 1.9% in October, which typically leads to a decrease in non-dollar assets, but this time the overall increase in asset prices offset that effect [6][4]. - Major global stock indices, including the Nikkei 225, which surged by 16.6%, contributed to the increase in the valuation of China's foreign reserve investments [4][6]. Group 2: Gold Reserves - China's gold reserves increased for the 12th consecutive month, reaching 7,409 million ounces (approximately 2,304.457 tons) by the end of October, with a month-on-month increase of 3,000 ounces [1][10]. - The value of gold reserves rose by $139 billion to $297.2 billion, with the proportion of gold in total reserves increasing to 8.89%, a historical high [10][12]. - The pace of gold accumulation has slowed down this year, with the central bank focusing on buying during price dips rather than chasing high prices [10][11]. Group 3: Economic Outlook - The Chinese economy is characterized by stability, advantages, resilience, and potential, which supports the stability of foreign exchange reserves [4][8]. - The "14th Five-Year Plan" emphasizes high-level opening-up, which is expected to enhance trade and investment, further stabilizing cross-border capital flows [7][8]. - The central bank's strategy includes increasing gold reserves while reducing U.S. Treasury holdings, aiming to optimize the international reserve structure and support the internationalization of the renminbi [12].