国家外汇管理局有关负责人介绍，2025年12月，受主要经济体货币政策、宏观经济数据等因素影响，美 元指数下跌，全球金融资产价格涨跌互现。汇率折算和资产价格变化等因素综合作用，当月外汇储备规 模上升。"我国不断巩固拓展经济稳中向好势头，经济长期向好的支撑条件和基本趋势没有改变，有利 于外汇储备规模保持基本稳定。" 本报北京1月8日电（记者邱海峰）国家外汇管理局7日公布的数据显示，截至2025年12月末，我国外汇 储备规模为33579亿美元，较11月末上升115亿美元。 ...

Group 1: Foreign Exchange Reserves - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, representing a growth rate of 0.09% [1] - The increase in foreign exchange reserves is attributed to factors such as macroeconomic data from major economies and expectations regarding monetary policy, which led to a decline in the US dollar index and mixed performance in global financial asset prices [1] - China's economy is maintaining a stable and progressive development trend, which supports the stability of foreign exchange reserves [1] Group 2: Gold Reserves - As of the end of November, China's gold reserves stood at 7,412 million ounces (approximately 2,305.39 tons), with a month-on-month increase of 3,000 ounces (about 0.93 tons), marking the 13th consecutive month of gold accumulation [2] - The current spot gold price has decreased by 0.28% to $4,197 per ounce [2] Group 3: Gold Market Dynamics - Gold has entered its third upward cycle since 2019, with a cumulative increase of 219% over six years, indicating potential for further growth compared to previous cycles [3] - The rise in gold prices is supported by three attributes: monetary (challenges to the US dollar credit system), commodity (average annual growth of central bank gold purchases from 2020 to 2024 at 44%), and financial (the pricing framework of real interest rates partially failing in a high inflation environment) [3] - Key variables influencing future gold prices include geopolitical risks, growth in gold reserves, and changes in real interest rates [3] Group 4: Future Gold Demand and Price Projections - Official demand for gold is expected to replace price-sensitive consumer demand, with projections indicating a rebound to 1,053 tons per year by 2026 [4] - The normalization of inflows into gold ETFs has led to a significant upward revision of the average price target for 2026 from $4,000 per ounce to $4,450 per ounce [4]

Core Viewpoint - As of the end of November 2025, China's foreign exchange reserves reached $33,464 billion, reflecting an increase of $3 billion from the end of October, representing a growth rate of 0.09% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves increased by $3 billion in November 2025, marking a 0.09% rise compared to the end of October [1] - The increase in reserves is attributed to the impact of macroeconomic data and monetary policy expectations from major economies, alongside fluctuations in asset prices [1] - The overall stability and progressive development of China's economy have provided support for maintaining a stable level of foreign exchange reserves [1]

Core Insights - China's foreign exchange reserves reached a record high of $33,433 billion as of October 2025, marking a $47 billion increase from September, and maintaining above $3.3 trillion for three consecutive months, the highest level since December 2015 [2][3] - The diversification of China's international reserve assets continues to progress steadily, with gold reserves increasing by 30,000 ounces to 7,409 million ounces, marking the 12th consecutive month of gold accumulation [2][5] Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the strengthening of the US dollar and the overall rise in global financial asset prices, which provided a supportive effect for China's reserves [3] - In October, the US dollar index rose by 2.1% to 99.8, reaching a new high since August, while major global stock indices saw significant increases, contributing to the positive valuation effect on China's foreign reserves [3] - Experts suggest that the current level of foreign reserves is slightly above $3 trillion and is considered adequately sufficient, providing important support for maintaining the RMB exchange rate at a reasonable equilibrium [3][4] Group 2: Gold Reserves - The People's Bank of China increased its gold reserves by 30,000 ounces in October, continuing a trend of accumulation amid high gold prices, which reached a historical peak of $4,294 per ounce before settling around $4,000 [5] - The ongoing accumulation of gold reserves is seen as a strategy to optimize the structure of foreign exchange reserves and mitigate risks associated with a high proportion of dollar assets, especially in the context of fluctuating dollar values and geopolitical risks [5]

Group 1 - As of October 2025, China's foreign exchange reserves reached 33,433 billion USD, an increase of 4.7 billion USD from the end of September, representing a growth rate of 0.14% [1] - The rise in foreign reserves is attributed to the combined effects of asset price changes and exchange rate fluctuations, with the dollar index increasing by 2.1% to 99.8 in October [1] - The Federal Reserve's interest rate cuts have led to a rise in dollar-denominated global bond indices by 0.8% and the S&P 500 index by 2.3%, while the Nikkei index surged by 16.6%, reaching a historical high [1] Group 2 - The recent guidelines from the Central Committee emphasize the importance of "expanding high-level opening up," highlighting the commitment to reform and development through openness [2] - In promoting trade innovation, there is a focus on market diversification, optimizing goods trade, and cultivating new growth points, with exports expected to play a stabilizing role in cross-border capital flows [2] - The guidelines also stress the need for orderly cross-border layout of industrial and supply chains, establishing a foundation for the basic balance of international payments in capital projects [2]

Core Points - As of the end of October 2025, China's foreign exchange reserves reached $334.33 billion, an increase of $4.7 billion from the end of September, marking a rise of 0.14% and the highest level since December 2015 [1][3] - The increase in foreign exchange reserves is attributed to the impact of major economies' monetary policies, macroeconomic data, and the overall rise in global financial asset prices [1][3] - The U.S. Federal Reserve's decision to cut interest rates by 25 basis points in October, along with the easing of China-U.S. trade relations, contributed to the overall increase in global asset prices and a rebound in the dollar [1][3] Summary by Category Foreign Exchange Reserves - China's foreign exchange reserves have remained above $3.3 trillion for three consecutive months, supported by a combination of factors including the depreciation of the dollar and rising U.S. Treasury yields [3][4] - The current level of foreign exchange reserves is considered to be at a relatively high level, with the People's Bank of China potentially engaging in foreign exchange net selling to maintain reserves within a reasonable range [4] Economic Indicators - In October, the U.S. dollar index rose, and global financial asset prices generally increased, with the U.S. S&P 500 index rising by 2.3% and the Nikkei index in Japan increasing by 16.6%, reaching a historical high [3] - The European Stoxx index also saw a rise of 2.6%, reflecting a slow recovery in the Eurozone economy [3] Future Outlook - The foreign exchange reserves are expected to remain stable in the future, providing important support for maintaining the RMB exchange rate at a reasonable equilibrium level amid increasing external volatility [4]

Core Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking a $16.5 billion increase from August, the highest level since December 2015 [1] - The increase in reserves is attributed to macroeconomic data, monetary policy, and asset price changes, with a stable economic environment supporting this growth [1][3] - The People's Bank of China has been increasing its gold reserves for 11 consecutive months, with a total of 7.406 million ounces (approximately 2303.523 tons) as of September, reflecting a strategic balance in reserve optimization [2][3] Foreign Exchange Reserves - The foreign exchange reserves rose by $16.5 billion in September, driven by a combination of asset price changes and currency fluctuations [1] - The dollar index remained stable at 97.8, with the market having priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [1][2] Asset Prices - Global asset prices saw an overall increase, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [2] - The Japanese Nikkei index increased by 5.4%, and the European Stoxx index rose by 1.2%, indicating strong performance in major economies [2] Gold Reserves - The People's Bank of China increased its gold reserves by 40,000 ounces in September, although the increase was lower than previous months [2] - The gold price saw a cumulative increase of over 10% in September, the largest monthly gain in 14 years, indicating strong demand for gold as a safe-haven asset [2][3] Economic Outlook - The ongoing uncertainties in global trade and geopolitical factors are expected to drive continued demand for gold from central banks and investors [3] - China's economic stability and high-quality development are anticipated to support the maintenance of foreign exchange reserves [3]

Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking an increase of $16.5 billion from the end of August, representing a 0.5% rise. This is the highest level since December 2015, with a significant annual increase of $136.3 billion [1][2]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the rise in global financial asset prices and the depreciation of the dollar, despite the dollar index remaining relatively stable [2][3]. - The foreign exchange reserves have now exceeded $3.3 trillion for two consecutive months, reflecting a stable economic environment in China [2][4]. Group 2: Gold Reserves - As of September 2025, China's gold reserves stood at 74.06 million ounces, with an increase for 11 consecutive months, although the increase has been modest in recent months [1][4]. - The central bank's continued accumulation of gold is driven by the changing global political and economic landscape, with expectations that international gold prices may remain high for an extended period [5][4]. Group 3: Economic Context - The overall economic stability and progress in high-quality development in China are favorable for maintaining a stable level of foreign exchange reserves [2][4]. - The U.S. Federal Reserve's recent interest rate cuts and the ongoing geopolitical risks have contributed to fluctuations in international gold prices, influencing China's gold reserve strategy [5][4].

Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, reflecting an increase of $16.5 billion from the end of August, marking a growth rate of 0.5% [1] Economic Context - The increase in foreign exchange reserves is influenced by macroeconomic data, monetary policy, and expectations from major economies, leading to slight fluctuations in the US dollar index and an overall rise in global financial asset prices [1] - The stability and progress of China's economy, along with achievements in high-quality development, contribute positively to maintaining the stability of foreign exchange reserves [1]

Core Insights - As of the end of August 2025, China's foreign exchange reserves reached 33,222 billion USD, an increase of 29.9 billion USD from the end of July, representing a growth rate of 0.91% [1][4]. Group 1 - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [7]. - The stable performance of China's economy demonstrates strong resilience and vitality, which supports the maintenance of foreign exchange reserves at a stable level [1].