黄金ETF（交易型开放式指数基金）投资是推高黄金总需求的重要驱动力。《报告》显示，二季度全球 总流入量达170吨，亚洲地区上市基金流入量70吨。在一季度创纪录的流入量支持下，上半年全球黄金 ETF需求总量达397吨，创下自2020年以来最高的上半年纪录。 金条与金币投资也受到投资者青睐。《报告》显示，二季度金条与金币投资总量同比增长11%，至307 吨。其中，中国投资者领跑全球，金条与金币需求同比增长44%，至115吨，是2013年以来最高的二季 度需求。西方市场则呈现分化趋势：欧洲地区二季度净投资需求增长逾1倍，至28吨，而同期美国的金 条与金币需求则减半，至9吨。 对于我国金条与金币需求的攀升，世界黄金协会中国区CEO王立新认为，上半年国内金价上涨24%，相 较于其他资产表现较为亮眼，吸引投资持续流入。同时，中国人民银行持续购金，也带动部分国内投资 者跟进。 近日，世界黄金协会发布的2025年二季度《全球黄金需求趋势报告》显示，在高金价环境下，二季度全 球黄金需求总量达1249吨，同比增长3%。当前，复杂多变的政治环境、向上的金价势能提升了投资需 求，强劲的黄金投资流入成为推动今年二季度需求增长的主要动力 ...

Core Viewpoint - The People's Bank of China has increased its gold reserves to 73.96 million ounces as of the end of July, marking the ninth consecutive month of accumulation, although the increase has been at a low level for the past five months [1] Group 1: Gold Reserves and Market Trends - The increase in gold reserves is attributed to a decrease in the necessity for the central bank to pause gold accumulation from a cost control perspective, while the demand for gold accumulation rises from the need to optimize international reserve structure [1] - The global average for gold's share in international reserves is around 15%, while China's gold reserves account for only 7% of its total international reserves as of July 2025, indicating a need for continued accumulation of gold reserves and a moderate reduction in U.S. Treasury holdings [1] Group 2: Future Outlook and Predictions - Citigroup, known for its bearish stance on gold, has shifted to a bullish outlook, raising its three-month gold price forecast from $3,300 to $3,500 per ounce [1] - According to the World Gold Council's latest survey, 95% of central banks surveyed expect an increase in global central bank gold reserves over the next 12 months [1]

2025年前6个月，我国外汇储备余额连续增长，分别增加66.79亿美元、182亿美元、134.41亿美元、410亿美元、36亿美元、322亿美元。7月首次出现下 降，规模环比下降252亿美元。 国家外汇管理局表示，2025年7月，受主要经济体宏观经济数据、货币政策及预期等因素影响，美元指数上涨，全球金融资产价格涨跌互现。受汇率折算 和资产价格变化等因素综合作用，当月外汇储备规模下降。我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，有利于 外汇储备规模保持基本稳定。 黄金储备方面，央行连续第9个月增持黄金。央行公布的数据显示，7月末黄金储备报7396万盎司（约2300.41吨），环比增加6万盎司（约1.86吨）。数据 还显示，截至7月末，中国持有黄金储备余额增加10亿美元至2439.85亿美元，黄金储备余额相当于同期外汇储备余额的7.41%，环比上升0.09个百分点， 仍然明显低于15%左右的全球平均水平。 东方金诚首席宏观分析师王青表示，5月以来国际经贸摩擦态势有所降温，避险需求弱化导致国际金价出现小幅调整，但仍处于高位。7月央行继续增持黄 金，主要原因是美国特朗普政府上台后，全球 ...

Core Viewpoint - As of the end of July, China's foreign exchange reserves decreased to $32,922 billion, a decline of $252 billion or 0.76% from the end of June, influenced by macroeconomic data and monetary policy expectations from major economies [3][4]. Foreign Exchange Reserves - The decline in foreign exchange reserves is attributed to the significant rise of the US dollar index by 3.39% in July, reversing a five-month downward trend, which led to a decrease in the value of non-dollar assets held in reserves [4]. - The depreciation of non-dollar currencies against the dollar, including a 4.5% drop in the Japanese yen and a 3.2% drop in the euro, further contributed to the reduction in reserves when measured in dollar terms [4]. - Despite the decline, the current level of foreign reserves is considered adequate, with expectations for stability in the future, providing support for the RMB exchange rate and acting as a buffer against external shocks [5]. Gold Reserves - As of the end of July, China's gold reserves increased to 7,396 million ounces, marking the ninth consecutive month of growth [4]. - The ongoing increase in gold reserves is driven by the need to optimize the structure of international reserves, especially in light of changing global political and economic conditions [8][10]. - The price of gold has shown a significant upward trend, rising from $2,657.16 per ounce at the beginning of the year to $3,333.28 per ounce by mid-July, reflecting a cumulative increase of 25.45% [8]. - Global central banks remain significant players in gold purchases, with expectations for continued demand, as they hold a substantial portion of their reserves in gold [9][10]. Economic Outlook - The Chinese economy is expected to maintain a stable growth trajectory supported by macroeconomic policies, despite facing various risks and challenges in the second half of the year [7]. - The political bureau meeting emphasized the need for sustained macroeconomic policy efforts to stabilize foreign trade and investment [6].

Group 1 - As of the end of July, China's gold reserves reached 73.96 million ounces, marking an increase of 60,000 ounces month-on-month, with official gold reserves rising for nine consecutive months [2][5] - By the end of July, China's foreign exchange reserves stood at $32,922 billion, a decrease of $25.2 billion from the end of June, representing a decline of 0.76% [1][3] - The decline in foreign exchange reserves is attributed to the rise in the US dollar index, which increased by 3.39% in July, reversing a five-month downward trend [3][4] Group 2 - The increase in gold reserves is seen as a strategic move to optimize the international reserve structure, with a current gold reserve proportion of 7.0%, significantly below the global average of around 15% [5][6] - The World Gold Council reported that central banks globally purchased a net 166 tons of gold in the second quarter, a decrease of 21% year-on-year, but still above the five-year average [6] - Analysts predict that gold prices will continue to rise, with estimates suggesting potential prices of $3,400 per ounce in the next three months and $3,500 per ounce over the next year [5][6]

Group 1: Gold Reserves and Demand - The central bank has increased its gold reserves for the ninth consecutive month, reaching 73.96 million ounces by the end of July, with a month-on-month increase of 60,000 ounces [1][3] - Despite the continuous increase, the increment has remained low for the fifth consecutive month, indicating a cautious approach to gold purchases [3] - Global gold demand in Q2 increased by 3% year-on-year to 1,249 tons, with a significant value increase of 45% to $132 billion [5] Group 2: Central Bank Actions and Market Outlook - Central banks remain a crucial pillar of global gold demand, with official gold reserves increasing by 166 tons in Q2, although the pace of purchases has slowed [6] - UBS expects stable demand from central banks in the second half of the year but has revised its annual purchase forecast down from 950-1,000 tons to 900-950 tons [7] - The Chinese central bank is expected to continue increasing gold reserves to optimize its international reserve structure while gradually reducing U.S. Treasury holdings [8] Group 3: Foreign Exchange Reserves - As of the end of July, China's foreign exchange reserves decreased to $32,922 billion, marking a decline of $25.2 billion or 0.76%, ending a six-month upward trend [2][12] - The decline in foreign reserves is attributed to factors such as exchange rate fluctuations and changes in asset prices, with the U.S. dollar index rising by 3.2% [13][14] - The overall financial asset prices in China's foreign reserves increased, which partially offset the impact of the dollar's appreciation [15]

新一期外储数据出炉。国家外汇管理局统计数据显示，截至2025年7月末，我国外汇储备规模为32922亿美元，较6月末下降252亿美元，降幅为0.76%。 值得一提的是，人民银行7月末黄金储备报7396万盎司（约2300.41吨），环比增加6万盎司（约1.86吨），已是连续第9个月增持黄金。 资产价格方面，同样受美联储降息推迟影响，以美元标价的已对冲全球债券指数下跌0.1%，对外储形成拖累。温彬认为，在美国与各方关税协议陆续落 地、美股科技板块财报亮眼等因素驱动下，美国股指创下新高，对外储形成支撑。 东方金诚首席宏观分析师王青同样指出，按不同标准测算，当前我国略高于3万亿美元的外储规模都处于适度充裕水平。综合考虑各方面因素，未来外储规 模有望保持基本稳定。在外部环境波动加大的背景下，适度充裕的外储规模将为保持人民币汇率处于合理均衡水平提供重要支撑，也能成为抵御各类潜在外 部冲击的压舱石。 今年7月，我国出口顶住外部压力，通过优化产品结构、贸易伙伴多元化、拓展外贸新动能等方式实现了8%的超预期增长。国内经济在财政、货币、产业、 民生等政策支持下稳健运行。温彬称，下半年，我国经济依然面临不少风险挑战，国内宏观经济将在 ...

此外，最新数据还显示，中国央行连续9个月增持黄金，截至7月末，黄金储备报7396万盎司，环比增加 6万盎司。今日，现货黄金短线突然上涨，一度站上3390美元/盎司。业内专家对智通财经记者指出，预 计下半年央行或从优化国际储备结构角度出发，持续增持黄金储备，适度减持美债。 国家外汇管理局最新数据显示，截至7月末，我国外汇储备规模为32922亿美元，较6月末下降252亿美 元，降幅为0.76%。对于外储规模下降，业内分析师对智通财经记者表示，主要原因是美元指数大幅回 升，导致外储中非美元资产价格下跌。 中国央行连续9个月增持黄金 未来增持仍是大方向 8月7日午后，现货黄金站上3390美元/盎司后小幅回落，截至发稿，COMEX黄金报3395.5美元/盎司。同 日，央行数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司。有市场机构表示，官方黄金储备 连续第九个月增加，但增量连续第五个月处于低位，符合市场预期。 "5月以来国际经贸摩擦态势有所降温，避险需求弱化导致国际金价出现小幅调整，但仍处高位。7月央 行继续增持黄金，主要原因是美国新政府上台后，全球政治、经济形势出现新变化，国际金价有可能在 相当长一段时间内 ...

Foreign Exchange Reserves - As of the end of July 2025, China's foreign exchange reserves stood at $329.22 billion, a decrease of $25.2 billion from the end of June, representing a decline of 0.76%[2] - The decline in reserves was primarily due to a 3.39% increase in the US dollar index, which led to a drop in the prices of non-dollar assets within the reserves[2] - The average monthly trading volume of foreign reserve assets from 2017 to 2024 was approximately $8.4 billion, accounting for 0.27% of the total reserves, indicating that changes in reserve balances are mainly influenced by exchange rate adjustments and asset price fluctuations[2] Gold Reserves - As of the end of July 2025, China's official gold reserves increased to 7.396 million ounces, with a month-on-month increase of 60,000 ounces, marking the ninth consecutive month of growth[2] - The increase in gold reserves is driven by the need to optimize the international reserve structure, as the gold proportion in China's reserves is only 1.7%, significantly lower than the global average of around 15%[4] - The central bank's continued accumulation of gold is seen as a strategy to enhance the credibility of the sovereign currency and support the gradual internationalization of the renminbi[4]

Core Viewpoint - As of the end of July 2025, China's foreign exchange reserves decreased to $329.22 billion, a decline of $25.2 billion or 0.76% from the end of June, while gold reserves increased to 7.396 million ounces, marking the ninth consecutive month of gold accumulation [1][3]. Foreign Exchange Reserves - The foreign exchange reserves stood at $32,090.36 million in January 2025 and fluctuated throughout the months, reaching $32,852.55 million in May before the decline in July [2]. - The decrease in reserves in July was attributed to the rise in the US dollar index, which increased by 3.39% compared to June, impacting the value of non-dollar assets held in reserves [3]. Gold Reserves - China's gold reserves increased by 60,000 ounces in July 2025, although the increment has been low for five consecutive months [1][3]. - The proportion of gold in China's official international reserve assets is 7.0%, which is significantly lower than the global average [3]. Market Dynamics - The international economic and trade tensions have eased since May, leading to a reduction in safe-haven demand and slight adjustments in international gold prices, although they remain high [4]. - There is a growing need to optimize the structure of international reserves by increasing gold holdings and reducing US Treasury securities, as gold serves as a widely accepted final payment method and enhances the credibility of sovereign currency [4].