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 - 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, while gold reserves also saw a continuous increase for the 12th month in a row [2][3]. Foreign Exchange Reserves - China's foreign exchange reserves stood at $33,433 billion at the end of October 2025, up by $47 billion or 0.14% from the end of September [2][3]. - The increase in reserves is attributed to the rise in the dollar index and the overall increase in global financial asset prices, which counterbalanced the depreciation of non-dollar assets [4][5]. - The dollar index rose by 1.9% in October, but significant increases in global stock indices, such as a 16.6% rise in the Nikkei 225, contributed to the valuation effect that supported the foreign reserves [4][5]. Gold Reserves - As of the end of October 2025, China's gold reserves increased to 7,409 million ounces (approximately 2304.457 tons), with a month-on-month increase of 3,000 ounces [2][9]. - The value of gold reserves rose to $297.2 billion, accounting for 8.89% of total foreign exchange reserves, marking a historical high [9][10]. - The pace of gold accumulation by the central bank has slowed down this year, with a total increase of 139,000 ounces from January to October 2025, reflecting a strategy of buying on dips rather than chasing high prices [9][10]. Economic Outlook - The recent "14th Five-Year Plan" emphasizes the importance of high-level opening-up, which is expected to stabilize cross-border capital flows and support the foreign exchange reserves [8]. - The strong economic fundamentals of China, including its resilience and potential, are seen as key factors for maintaining stable foreign exchange reserves [8][11]. - The central bank's strategy of increasing gold reserves is viewed as a response to global uncertainties and a means to optimize the international reserve structure, with a focus on enhancing the credibility of the yuan [11].