Core Viewpoint - China's foreign exchange reserves reached a record high of $33,579 billion by the end of December 2025, marking an increase of $11.5 billion from the previous month, with a growth rate of 0.34% [1][2]. Group 1: Foreign Exchange Reserves Overview - China's foreign exchange reserves have remained above $3.2 trillion for the past year, with a continuous increase since July 2025, reaching new highs not seen since December 2015 [2][7]. - The increase in reserves is attributed to a stable economic environment, trade surplus, foreign direct investment (FDI), and capital flows, which have all performed well over the past year [4][5]. Group 2: Economic Factors Influencing Reserves - The decline in the US dollar index and the overall downward trend in the 10-year US Treasury yield have positively impacted the valuation of China's foreign exchange reserves [4]. - The US dollar index fell from 108.48 to 98.27 over the past year, a decrease of approximately 9.41%, while the 10-year US Treasury yield dropped from 4.58% to 4.18% [4]. Group 3: Future Outlook - 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 [2][6]. - The 2026 national foreign exchange management meeting emphasized the importance of ensuring the safety, liquidity, and value preservation of foreign exchange reserve assets [8]. Group 4: Gold Reserves - As of the end of December 2025, China's official gold reserves stood at 7.415 million ounces, with an increase of 30,000 ounces from the previous month and a total annual increase of 860,000 ounces [10]. - The continuous increase in gold reserves is seen as a response to external uncertainties and rising international gold prices, with the need to diversify international reserve structures [10].

责任编辑：刘万里 SF014 2026年1月7日，国家外汇管理局发布数据显示，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，升幅为0.34%。 国家外汇管理局表示，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。 黄金储备方面，数据显示，2025年12月末中国黄金储备为7415万盎司，环比增加3万盎司，为中国央行 连续第14个月增持黄金。 新浪合作大平台期货开户 安全快捷有保障 2026年1月7日，国家外汇管理局发布数据显示，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，升幅为0.34%。 国家外汇管理局表示，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 ...

21世纪经济报道记者 唐婧 北京报道 1月7日，国家外汇管理局统计数据显示，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，升幅为 0.34%。这 是我国外汇储备连续五月站上3.3万亿美元大关，续创2015年12月以来新高。 国家外汇局表示，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。 资产价格变化与汇率波动仍是11月外汇储备规模变化的主因。一般而言，只要当月美元指数明显下降，多数国家外汇储备规模都会因非美资产 折算成美元后的金额增加，出现环比上升状况，反之亦然。 外汇储备压舱石地位更加牢固 东方金诚首席宏观分析师王青认为，12月末外储规模小幅上升，主要受当月美元指数下跌带动。受美联储降息等影响，12月美元指数下跌 1.2%。这会推动我国外汇储备中非美元资产升值，推高以美元计价的外汇储备规模。 与此同时，12月美联储降息符合市场预期，当月全球 ...

中国基金报记者 张玲 1月7日，国家外汇管理局发布的数据显示，截至2025年12月末，我国外汇储备规模连续5个月稳定在3.3万亿美元以上。同时，央行已连续14个月增持黄 金。 外储规模继续稳定在3.3万亿美元以上 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，升幅为0.34%。 国家外汇管理局表示，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。 民生银行首席经济学家温彬分析称，外贸领域，我国出口量质齐升，2025年前11个月，货物贸易顺差首次突破万亿美元大关，创历史新高，出口产品结构 升级，出口市场多点开花，对国际收支的基础支撑作用更为明显。投资领域，2025年，我国资本市场表现优于全球整体，国际机构对我国经济前景和人民 币资产的信心进一步增强，境外证券资本流入规模保持在较高水平。我国经济不断巩固拓展经济稳中向好势头，为外汇储备规模 ...

东方金诚首席宏观分析师王青表示，按不同标准测算，当前我国略高于3万亿美元的外储规模 处于适度充裕状态。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"。 央行连续14个月增持黄金 【导读】去年12月外储规模环比上升0.34%，央行连续14个月增持黄金 中国基金报记者 张玲 1月7日，国家外汇管理局发布的数据显示，截至2025年12月末，我国外汇储备规模连续5个 月稳定在3.3万亿美元以上。同时，央行已连续14个月增持黄金。 外储规模继续稳定在3.3万亿美元以上 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，升幅为0.34%。 国家外汇管理局表示，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。 ...

Group 1: Market Overview - The precious metals market experienced a pullback after an initial rise, particularly influenced by a significant drop in the external market during the afternoon, leading to downward pressure on the domestic market [1] - Spot gold briefly fell below $4,450 per ounce, with a daily decline exceeding 1%, while spot silver dropped below $79 per ounce, with a daily decline of 3% [1] - As of 17:13 Beijing time, spot gold was reported at $4,464.49 per ounce, down 0.65%, and spot silver at $79.31 per ounce, down 2.35% [1] Group 2: Market Drivers - The pullback in precious metals may be driven by two factors: short-term technical profit-taking pressure and market reactions to the upcoming Bloomberg Commodity Index annual rebalancing, prompting some investors to realize profits early [1] - The market outlook suggests that precious metals may enter a high-level consolidation phase to absorb selling pressure [1] Group 3: Economic Indicators - The upcoming release of the ADP employment figures and JOLTs job openings is anticipated, with a focus on the U.S. non-farm payroll report, which could indicate a weakening labor market and influence market expectations for future interest rate cuts [2] - Current market pricing indicates a roughly 50% probability for a rate cut in March, with full pricing expected by June [2] Group 4: Gold Reserves and Predictions - China's gold reserves reached $319.45 billion at the end of December, up from $310.6 billion at the end of November, with a total of 7.415 million ounces (approximately 2306.323 tons), marking a month-on-month increase of 30,000 ounces [2] - The World Gold Council reported that global official gold reserves held by overseas governments exceeded 900 million troy ounces, valued at approximately $3.82 trillion based on November gold prices [5] - Morgan Stanley predicts that gold prices will rise to $4,800 per ounce by Q4 2026, driven by expectations of Federal Reserve rate cuts, continued central bank purchases, and geopolitical risks [5] Group 5: Technical Analysis - From a technical perspective, gold is in a high-level consolidation phase, with prices above the 100-hour moving average around $4,400, which serves as significant dynamic support [6] - The MACD indicator has fallen below the signal line, indicating increased short-term pullback pressure, while the RSI has dropped to around 48, reflecting a temporary balance between bullish and bearish forces [6] - For silver, the technical indicators show that bulls still control the market, although the RSI has entered an overbought state, suggesting a potential for a pullback if prices fall below $80.00 [7]

央行数据显示，中国12月末黄金储备报7415万盎司，环比增加3万盎司，为连续第14个月增持黄金。 来源｜央行官网 编辑 ｜ 钉钉 | 项目 Item | 2025.11 | | 2025.12 | | | --- | --- | --- | --- | --- | | | 亿美元 | 亿SDR | 亿美元 | ZSDR | | | 100million | 100million | 100million | 100million | | | USD | SDR | USD | SDR | | 1. 外汇储备 Foreign currency reserves | 33463.72 | 24631.64 | 33578.69 | 24518.89 | | 2. 基金组织储备头寸 IMF reserve position | 110.59 | 81.40 | 111.79 | 81.63 | | 3. 特别提款权 SDRs | 557.16 | 410.11 | 558.24 | 407.62 | | 4. 黄金 | 3106.47 | 2286.58 | 3194.50 | 2332.60 | | Gold | ...

Metal Market - Domestic base metals collectively rose, with nickel closing at a limit-up of 8%, reaching 147,720 yuan/ton, the highest since June 2024 [1] - Tin increased by 5.33%, while aluminum and lead both rose over 1%, with aluminum up 1.18% and lead up 1.83% [1] - Alumina and casting aluminum also saw gains, with alumina rising by 4.97% and casting aluminum by 0.7% [1] - Lithium carbonate increased by 4.54%, and industrial silicon rose by 1.07%, while polysilicon fell by 2.13% [1] - In the black metal sector, stainless steel rose by 4.99%, iron ore by 4.09%, rebar by 2.87%, and hot-rolled coil by 2.52% [1] - Coking coal and coke both hit limit-up with a rise of 7.98%, priced at 1,164 yuan/ton and 1,773 yuan/ton respectively [1] - As of 15:07, foreign base metals showed mixed results, with London nickel's growth narrowing to 0.14% and copper down by 0.98% [1] - Precious metals saw COMEX gold down by 0.93% and silver down by 2.96%, while domestic gold fell by 0.17% and silver rose by 2.07% [1][2] Macro Environment - The central bank conducted a net withdrawal of 5,002 billion yuan through reverse repos, with a 7-day reverse repo operation of 286 billion yuan at a rate of 1.40% [5] - The US dollar index fell by 0.09% to 98.51, amid mixed signals from Federal Reserve officials regarding future monetary policy [6] - Upcoming economic data releases include China's foreign exchange reserves and gold reserves for December, as well as various US economic indicators [7] Oil Market - As of 15:07, both US and Brent crude oil prices fell, with US oil down by 1.58% and Brent by 1.2% [8] - Morgan Stanley analysts estimate a potential oversupply in the oil market of up to 3 million barrels per day in the first half of 2026 due to weak demand growth and increased supply from OPEC and non-OPEC countries [8] - API reported a decrease in US crude oil inventories by 2.77 million barrels, while gasoline and distillate inventories increased [8]

1月7日，中国央行数据显示，中国12月末黄金储备报7415万盎司（约2306.323吨），环比增加3万盎司 （约0.93吨），为连续第14个月增持黄金。 ...

Core Viewpoint - The Trump administration is considering economic sanctions against Venezuela, particularly focusing on the country's gold reserves, which are deemed crucial for the Maduro regime [2][3]. Group 1: Trump's Position on Venezuela's Gold - Trump indicated the possibility of freezing Venezuela's overseas assets while also expressing a willingness to negotiate with Maduro regarding the gold issue [2]. - He emphasized that the 160 tons of gold are vital for Maduro's government and that the U.S. is aware of the pathways related to this gold [2]. - Trump's statements suggest a readiness to escalate economic pressure on Venezuela while leaving room for negotiation if Maduro shows willingness to compromise [2]. Group 2: Maduro's Response and Stance - Maduro firmly defends Venezuela's gold sovereignty and opposes any external interference, stating that the gold belongs to the people and is not a bargaining chip [3]. - He recalled a previous decision to repatriate some gold reserves to safeguard national economic security against external sanctions [3]. - Maduro reiterated Venezuela's commitment to protecting its assets and maintaining its rights under international law [3]. Group 3: International Reactions and Developments - The Swiss government announced the freezing of assets related to Maduro, which includes various measures from freezing bank accounts to restricting asset transfers [4]. - Trump has expressed skepticism about the effectiveness of Switzerland's actions and is considering how to coordinate with allies to enhance the impact of sanctions [4]. - Bolton, a former national security advisor, noted that the focus on gold reserves reveals the White House's core objective to undermine Maduro's governance [5].