央行连续14个月增持黄金！我国外汇储备创十年新高

Core Viewpoint - China's foreign exchange reserves reached a record high of $335.79 billion by the end of December 2025, marking a month-on-month increase of $1.15 billion, or 0.34% [1] Group 1: Foreign Exchange Reserves Overview - China's foreign exchange reserves have remained stable above $3.2 trillion over the past year, with a continuous increase since July 2025, reaching new highs not seen since December 2015 [2] - The increase in foreign exchange reserves is supported by a stable economic environment, trade surplus, foreign direct investment (FDI), and capital flows [4] - The U.S. dollar index and the yield on 10-year U.S. Treasury bonds have generally declined, contributing positively to the valuation of China's foreign exchange reserves [3] Group 2: Future Projections - The chief economist at Yingda Securities predicts that China's foreign exchange reserves are likely to steadily increase from the current level of $3.3 trillion in 2026 [6] - The 2026 National Foreign Exchange Management Work Conference emphasized the importance of ensuring the safety, liquidity, and value appreciation of foreign exchange reserve assets [6] - The ongoing decline in the U.S. dollar index and the expected continued easing of U.S. monetary policy are anticipated to support the growth of foreign exchange reserves [6] Group 3: Gold Reserves - As of the end of December 2025, China's official gold reserves increased to 7.415 million ounces, with a monthly increase of 30,000 ounces and a total annual increase of 860,000 ounces [7] - The continuous increase in gold reserves is attributed to the changing external environment and rising international gold prices, which are expected to remain high for an extended period [7] - The low proportion of gold reserves in China's international reserves compared to the global average indicates a need for continued accumulation of gold to enhance the credibility of the sovereign currency and support the internationalization of the renminbi [7]