Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking a $16.5 billion increase from the end of August, with a growth rate of 0.5% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have remained above $3.2 trillion for 22 consecutive months [1] - The increase in reserves in September was influenced by macroeconomic data, monetary policy, and expectations from major economies, leading to a slight fluctuation in the dollar index and an overall rise in global financial asset prices [1] - The valuation of China's foreign reserves in financial assets increased due to the Federal Reserve's resumption of interest rate cuts, which led to a rise in major global stock indices and a decline in U.S. Treasury yields [1] Group 2: Gold Reserves - As of the end of September, China's official gold reserves stood at 7.406 million ounces, an increase of 40,000 ounces from the previous month, with the central bank having increased its gold holdings for 11 consecutive months [2] - The People's Bank of China has been gradually increasing its gold reserves since March, with monthly increments below 100,000 ounces, indicating a strategy to optimize the risk-return profile of international reserves [2] - The long-term strategy of diversifying international reserves and dynamically adjusting gold holdings is expected to continue, with ongoing support for gold prices from central banks and investors [2]

Group 1 - As of July, foreign investors held a total of $9.1587 trillion in U.S. Treasury securities, with China reducing its holdings to $730.7 billion, marking a significant decrease of $25.7 billion from June and the lowest level since 2009 [1] - Japan and the UK continued to increase their holdings of U.S. Treasury securities, with Japan holding $1.1514 trillion (an increase of $3.8 billion) and the UK holding $899.3 billion (an increase of $41.3 billion) [1] - Since April 2022, China has been gradually reducing its U.S. Treasury holdings, with a long-term strategy of diversifying its international reserves and adjusting gold reserves [1] Group 2 - In July, foreign investors net increased their holdings of U.S. securities by $2.1 billion, with private foreign investment net increasing by $22.6 billion, while official foreign investment shifted from net buying to net selling, decreasing by $20.5 billion [2] - U.S. investors also increased their holdings of foreign long-term securities, with a net purchase of $29.6 billion [2]

Core Viewpoint - The article discusses the recent trends in foreign investment in U.S. Treasury securities, highlighting a significant reduction in China's holdings while Japan and the UK continue to increase their investments [1][2]. Group 1: Foreign Holdings of U.S. Treasury Securities - As of July, foreign investors held a total of $9.1587 trillion in U.S. Treasury securities, with China holding $730.7 billion, a decrease of $25.7 billion from June, marking the lowest level since 2009 [1]. - Japan's holdings increased to $1.1514 trillion, with an addition of $3.8 billion in July, continuing a trend of increasing investments throughout the year [1]. - The UK also saw a significant increase, holding $899.3 billion after adding $41.3 billion in July [1]. Group 2: Overall Investment Trends - In July, foreign investors net increased their holdings of U.S. securities by $2.1 billion, with private foreign investments contributing a net increase of $22.6 billion, while official foreign investments shifted from net buying to net selling, decreasing by $20.5 billion [2]. - U.S. investors also increased their overseas long-term securities holdings, with a net purchase of $29.6 billion [2].

Group 1 - The core viewpoint of the article highlights the significant changes in foreign holdings of U.S. Treasury securities, particularly noting China's substantial reduction in its holdings to a record low since 2009, while Japan and the UK have increased their investments [1][2]. Group 2 - As of July, foreign investors held a total of $9.1587 trillion in U.S. Treasury securities, with China holding $730.7 billion, a decrease of $25.7 billion from June [1]. - Japan's holdings reached $1.1514 trillion, increasing by $3.8 billion, continuing a trend of accumulation throughout the year [1]. - The UK also saw a significant increase, holding $899.3 billion after adding $41.3 billion in July [1]. - Since April 2022, China has been gradually reducing its U.S. Treasury holdings, with a focus on diversifying its international reserves and adjusting gold reserves [1]. - In July, foreign investors net increased their holdings of U.S. securities by $2.1 billion, with private foreign capital contributing a net increase of $22.6 billion, while official foreign capital shifted from net buying to net selling, decreasing by $20.5 billion [2]. - U.S. investors also increased their overseas long-term securities holdings, net buying $29.6 billion [2].

据世界黄金协会数据，2024年全球黄金需求总量达4974吨，创历史新高。欧洲中央银行6月11日发布的 报告称，2024年各国（或地区）央行持有的黄金储备达20%，仅次于美元的46%，超过欧元的16%，接 近布雷顿森林体系时期的水平，成为2024年按市场价格计算的第二大全球储备资产。 国家金融与发展实验室特聘高级研究员庞溟认为，从长期来看，黄金在避险、抗通胀、长期保值增值等 方面仍存在不可替代的优点，兼具金融和商品的多重属性，因此我国央行推进国际储备多元化、在组合 配置中加入和动态调整黄金储备的战术操作不会改变，持续增持黄金的战略方向也不会改变。 东方金诚首席宏观分析师王青也判断，未来央行增持黄金仍是大方向。截至7月末，我国官方国际储备 资产（主要由外汇储备和黄金储备构成）中黄金的占比为7.0%，明显低于15%左右的全球平均水平。从 优化国际储备结构角度出发，未来需要持续增持黄金储备，适度减持美债。此外，黄金是全球广泛接受 的最终支付手段，央行增持黄金能够增强主权货币的信用，为稳慎推进人民币国际化创造有利条件。由 此，从优化国际储备结构、稳慎扎实推进人民币国际化，以及应对当前国际环境变化等角度出发，未来 央行增 ...

央行数据显示， 中国8月末黄金储备7402万盎司，7月末黄金储备报7396万盎司，为连续第10个月 增持黄金。 7月31日，世界黄金协会（WGC）发布的二季度全球黄金需求报告显示，"购金主力军"全球央行的 购买量有所放缓，在二季度净购金166吨，增储量同比减少21%。但上半年总体维持在五年平均水 平以上，较十年平均水平高出40%以上，预计未来仍将成为购金主力。同时，此前美国非农数据"爆 雷"带动美联储9月降息预期大增，也有望助力金价。 据世界黄金协会数据，2024年全球黄金需求总量达4974吨，创历史新高。欧洲中央银行6月11日发 布的报告称，2024年各国（或地区）央行持有的黄金储备达20%，仅次于美元的46%，超过欧元的 16%，接近布雷顿森林体系时期的水平，成为2024年按市场价格计算的第二大全球储备资产。 国家金融与发展实验室特聘高级研究员庞溟认为，从长期来看，黄金在避险、抗通胀、长期保值增值 等方面仍存在不可替代的优点，兼具金融和商品的多重属性，因此我国央行推进国际储备多元化、在 组合配置中加入和动态调整黄金储备的战术操作不会改变，持续增持黄金的战略方向也不会改变。 东方金诚首席宏观分析师 王青也判 ...

■ 昌校宇 其三，我国央行连续8个月扩大黄金储备，是应对全球经济不确定性的有效手段。 最新数据显示，截至6月末，我国央行已连续8个月增持黄金，我国黄金储备规模达7390万盎司。这 一稳健增持节奏与世界黄金协会近期发布的《2025年全球央行黄金储备调查》（以下简称《调查》）结 果形成呼应——逾九成的受访央行预计未来12个月内全球央行将继续增持黄金，这一比例创下自2019年 首次针对该问题进行调查以来的最高纪录。 受地缘政治紧张等因素影响，全球经济面临严峻挑战。黄金作为具备避险属性、抗通胀功能和长期 价值稳定特征的特殊资产，契合国际储备管理对安全性、流动性和保值增值的核心需求。此外，黄金还 具有金融和商品的多重属性，在复杂国际环境中"稳定器"功能凸显，我国央行保持每月合理幅度的稳健 增持，既避免了市场波动，又为防范外部冲击构建了可靠的"安全垫"。 黄金储备是各国国际储备多元化构成的重要内容。笔者认为，我国黄金储备"八连增"，蕴含着调节 优化国际储备组合、稳步推进人民币国际化、应对全球经济不确定性的考量。 其一，我国央行连续8个月扩大黄金储备，是优化国际储备组合的主动作为。 当前，美元在全球外汇储备中的占比已降至历 ...

Core Viewpoint - The article discusses the recent changes in China's foreign exchange reserves and gold reserves, highlighting the stability and potential of China's economy despite fluctuations in global financial markets [1][2][3]. Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at 32,922 billion USD, a decrease of 252 billion USD from June, representing a decline of 0.76% [1][3]. - The State Administration of Foreign Exchange (SAFE) indicates that the current level of foreign exchange reserves is slightly above 3 trillion USD, which is considered adequate to support the stability of the RMB exchange rate and to withstand external shocks [1][3]. - Analysts believe that China's economic fundamentals remain strong, with supportive policies expected to maintain a stable foreign exchange reserve level [1][3]. Gold Reserves - By the end of July 2025, China's gold reserves reached 7,396 million ounces, an increase of 6 million ounces, marking the ninth consecutive month of gold accumulation by the central bank [2][3]. - The increase in gold reserves is viewed as a strategy to enhance the credibility of the sovereign currency and to facilitate the internationalization of the RMB [3][4]. - Experts suggest that gold retains advantages in terms of risk aversion, inflation resistance, and long-term value preservation, supporting the diversification of international reserves [4].

Group 1 - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from the end of June, representing a decline of 0.76% [1] - The decline in foreign exchange reserves was influenced by macroeconomic data, monetary policy, and expectations from major economies, alongside fluctuations in asset prices and exchange rates [1] - China's foreign exchange reserves are considered to be at a moderately sufficient level, which supports the stability of the RMB exchange rate and acts as a buffer against potential external shocks [1] Group 2 - As of the end of July, China's gold reserves increased to 7,396 million ounces, up by 6 million ounces, marking the central bank's continuous increase in gold holdings for nine consecutive months [1] - The central bank's increase in gold reserves is aimed at enhancing the credibility of the sovereign currency and facilitating the cautious advancement of RMB internationalization [2] - The long-term strategy of diversifying international reserves and incorporating gold into the reserve mix remains unchanged, as gold is viewed as a hedge against inflation and a means of long-term value preservation [2]

Group 1 - The latest statistics from the State Administration of Foreign Exchange show that 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% [1] - China's foreign exchange reserves have remained above $3.2 trillion for 20 consecutive months, indicating stability in the reserves despite fluctuations in global financial asset prices [1] - The appreciation of the US dollar and depreciation of non-US currencies have contributed to the decrease in foreign exchange reserves when calculated in dollar terms [1] Group 2 - The People's Bank of China has been increasing its gold reserves consistently for nine months, with the official gold reserves reaching 7.396 million ounces by the end of July, an increase of 60,000 ounces from the previous month [1] - The monthly increase in gold reserves has been maintained at around 60,000 to 70,000 ounces since April, reflecting a strategic balance between optimizing reserve structure and controlling acquisition costs [2] - It is anticipated that countries will continue to increase their gold reserves in the medium term, with a long-term strategy of diversifying international reserves and dynamically adjusting gold holdings [2]