Core Viewpoint - South Korea's foreign exchange reserves increased to $422.02 billion in September, up from $416.29 billion in the previous month [1] Group 1 - The foreign exchange reserves for September 2023 are reported at $422.02 billion [1] - The previous month's reserves were recorded at $416.29 billion, indicating a growth of $7.73 billion [1]

Core Insights - 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, the highest level since December 2015 [1][3] - The increase in reserves is attributed to macroeconomic data, monetary policy changes, and asset price fluctuations, with a stable economic environment supporting the reserves [3][5] Foreign Exchange Reserves - The foreign exchange reserves rose by 0.5% in September 2025, continuing to stay above the $3.3 trillion mark for two consecutive months [1][3] - The dollar index remained stable at 97.8, with the market having already priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [3][4] - Global asset prices generally increased, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [3][4] Gold Reserves - As of September 2025, China's official gold reserves amounted to 74.06 million ounces (approximately 2,303.523 tons), with an increase of 40,000 ounces from the previous month [4][5] - The People's Bank of China has increased its gold holdings for 11 consecutive months, although the increase in September was lower than the previous months' average of 60,000 to 70,000 ounces [4][5] - The rise in gold prices exceeded 10% in September, the largest monthly increase in 14 years, indicating a strong demand for gold amid geopolitical uncertainties [4][5] Economic Outlook - The ongoing trade negotiations and the stabilization of the international trade environment are expected to support China's foreign exchange reserves [5] - The diversification of trade partners and the optimization of export structures are anticipated to enhance the stability of cross-border capital flows [5] - The strategy of increasing gold reserves as part of a diversified international reserve approach is expected to continue, driven by the need for risk management and asset volatility hedging [5]

Core Viewpoint - The recent increase in China's foreign exchange reserves to $3.34 trillion contrasts sharply with the depreciation of the RMB against the USD, raising questions about the effectiveness of reserve accumulation in stabilizing the currency [2] Group 1: Data Paradox - The growth in reserves is accompanied by concerns over structural imbalances, with the proportion of USD assets falling to 58% from a peak of 73% in 2014, while holdings in EUR, JPY, and gold have increased to 32% [2] - The opportunity cost of holding USD assets is significant, with a yield of 2.3% compared to 4.8% for 10-year US Treasury bonds, resulting in an annualized opportunity cost exceeding $15 billion [2] - The RMB depreciation is driven by three main factors: widening interest rate differentials, narrowing trade surpluses, and diverging policy expectations [2] Group 2: Arbitrage Opportunities - The onshore-offshore price gap for the RMB has widened, creating an arbitrage opportunity with a potential annualized return of 1.9% [2] - The offshore RMB liquidity has tightened, as indicated by the spike in CNH Hibor to 13.4%, the highest since 2013, increasing the cost of arbitrage [2] - The derivatives market shows a 2.1% arbitrage opportunity between NDF and DF rates, with a significant increase in foreign institutional trading volume [2] Group 3: Policy Responses - The central bank has reactivated counter-cyclical factors in the exchange rate management model, adjusting the counter-cyclical coefficient to 0.8 to limit depreciation [2] - Capital controls have been tightened, requiring banks to conduct thorough reviews of large foreign exchange transactions, particularly in technology and real estate sectors [2] - The central bank has signaled stability by emphasizing the adequacy of reserves to manage short-term fluctuations and has increased gold holdings to diversify reserve assets [2] Group 4: Underlying Contradictions - Concerns about the quality of reserves are rising, particularly regarding the liquidity risks associated with the $1.1 trillion in US Treasury bonds held by China [2] - The balance between market-driven and interventionist approaches in exchange rate formation is challenged, with a significant increase in direct interventions by the central bank [2] - The real effective exchange rate has appreciated by 23% since 2015, impacting export competitiveness and increasing import costs for key commodities [2] Group 5: Future Outlook - Short-term arbitrage opportunities are expected to narrow by Q4 2025 as the US Federal Reserve nears the end of its rate hike cycle [2] - Long-term reforms are anticipated, including optimizing reserve structures and enhancing the flexibility of the RMB exchange rate [2] - The need for a new balance in reserve management, exchange rate mechanisms, and industrial upgrades is emphasized to ensure sustainable financial security [2]

Core Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion from the end of August, marking a 0.5% rise [1] - The increase in reserves is attributed to macroeconomic data, monetary policy, and expectations from major economies, alongside a general rise in global financial asset prices [1][2] - The current foreign exchange reserve level is the highest since December 2015, indicating improved capacity to mitigate various shocks [2] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves are expected to remain stable, with a current level slightly above $3 trillion deemed adequate [2] - The stability of reserves is supported by a steady economic performance and high-quality development outcomes [2] - Adequate foreign exchange reserves will help maintain the RMB exchange rate at a reasonable equilibrium and act as a buffer against potential external shocks [2] Group 2: Gold Reserves - As of September, China's gold reserves stood at 7.406 million ounces, with an increase of 40,000 ounces, marking the 11th consecutive month of gold accumulation by the central bank [3] - The pace of gold accumulation has slightly decreased compared to previous months, indicating a balance between optimizing reserve structure and controlling acquisition costs [3] - International gold prices have been on the rise, with a significant increase of over 10% in September, the largest monthly gain in 14 years [3]

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 充裕水平。综合考虑各方面因素，我国外汇储备规模有望保持基本稳定。在外部环境波动幅度加大的背 景下，适度充裕的外汇储备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。 国际金价持续上行 ● 本报记者 彭扬 国家外汇管理局10月7日发布的数据显示，截至2025年9月末，我国外汇储备规模为33387亿美元，较8月 末上升165亿美元，升幅为0.5%。 国家外汇管理局表示，2025年9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 数小幅震荡，全球金融资产价格总体上涨。在汇率折算和资产价格变化等因素综合作用下，当月外汇储 备规模上升。 外储规模料保持基本稳定 "截至9月末，我国外汇储备余额创2015年12月以来新高。这表明，我国防范化解各种冲击的能力继续提 升。"中银证券全球首席经济学家管涛说。 从资产价格变化角度看，国家金融与发展实验室特聘高级研究员庞溟分析，9月全球金融市场资产价格 总体保持涨势，资产价格重估提升了我国外汇储备规模。（下转A02版） （上接A01版 ...

Core Insights - China's foreign exchange reserves reached $333.87 billion by the end of September, marking an increase of $16.5 billion or 0.5% from the end of August, indicating stable economic performance and high-quality development [1] - The People's Bank of China reported a gold reserve of 7.406 million ounces, with an increase of 40,000 ounces, marking the 11th consecutive month of gold accumulation [1] Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to positive valuation effects from rising global asset prices, with the U.S. dollar-denominated global bond index rising by 0.7% and the S&P 500 index increasing by 3.5% in September [2] - As of September 30, China's foreign exchange reserves reached their highest level since December 2015, with a significant year-to-date increase of $136.3 billion [2] - Experts suggest that the current foreign exchange reserve level is adequate and provides essential support for maintaining the RMB exchange rate and mitigating external shocks [3][4] Group 2: Gold Reserves - The People's Bank of China increased its gold reserves by 40,000 ounces in September, coinciding with a strong performance in gold prices, which rose by 11.6% during the month, the highest monthly increase since December 2009 [5] - The increase in gold reserves reflects a strategic move to optimize the structure of international reserves amid rising geopolitical risks and fluctuating global economic conditions [6] - The ongoing accumulation of gold by the central bank signals a clear intention to diversify international reserve assets, especially in light of the complex external environment [6]

Group 1 - As of the end of September, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion from the end of August, marking a 0.5% rise. This is the 22nd consecutive month that reserves have remained above $3.2 trillion [1] - The increase in foreign exchange reserves in September was influenced by macroeconomic data and monetary policy expectations from major economies, leading to a slight fluctuation in the US dollar index and an overall rise in global financial asset prices [1] - The People's Bank of China has continued to increase its gold reserves, with the official gold reserves reaching 74.06 million ounces by the end of September, an increase of 40,000 ounces from the previous month. This marks the 11th consecutive month of gold accumulation [2] Group 2 - The stability of China's foreign exchange reserves is supported by the overall steady performance of the economy, with improvements in high-quality development and a diversified international trade environment [2] - The central bank's strategy of diversifying international reserves and dynamically adjusting gold reserves is expected to continue, with ongoing support for gold prices from both investment and hedging demand [3]

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 - The asset status of gold has been further strengthened under multiple macro variables, with gold prices reaching historic highs amid geopolitical tensions and monetary policy changes [1][10]. Group 1: Gold Price Movement - On October 7, 2025, New York futures gold prices first hit $4000 per ounce, marking a daily increase of 0.55% and an annual rise of over 50% [1][6]. - As of October 8, 2025, spot gold prices reached $4040 per ounce, continuing to set new historical records [1][6]. - The year-to-date performance of international spot gold has shown a significant increase from approximately $2650 per ounce at the beginning of the year to over $4000 [6]. Group 2: Central Bank Gold Reserves - As of September 2025, China's official gold reserves increased to 7.406 million ounces, marking the 11th consecutive month of growth, although the monthly increase has been lower than previous months [1][6]. - The continuous small-scale purchases by the central bank signal a clear intention to optimize foreign exchange reserves amid rising international gold prices [1][7]. - China's gold reserves account for only 7.7% of total reserves, significantly below the global average of 15%, indicating substantial room for optimization [9]. Group 3: Foreign Exchange Reserves - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking a $16.5 billion increase from August and the highest level since December 2015 [2][3]. - The increase in foreign exchange reserves is primarily driven by global financial market changes, including a 0.7% rise in dollar-denominated global bond indices and a 3.5% increase in the S&P 500 index in September [2][3]. - The stability of foreign exchange reserves is supported by China's economic fundamentals and policy environment, including progress in international trade negotiations [3][4]. Group 4: Market Dynamics and Future Outlook - Analysts predict that the long-term upward trend of gold prices will continue due to ongoing geopolitical conflicts and expectations of interest rate cuts by the Federal Reserve [1][10]. - The trend of de-dollarization and rising U.S. debt risks are expected to further enhance gold's appeal as a safe-haven asset [8]. - The central bank's strategy of increasing gold reserves is aligned with the global trend of central banks increasing their gold holdings, with 95% of surveyed central banks expecting to raise their gold reserves in the next 12 months [7][8].