Group 1 - Gold is recognized as a special asset with multiple attributes, serving as an important component of international reserves for various countries, providing benefits such as hedging, anti-inflation, and long-term value preservation [1] - According to the World Gold Council's survey, over 95% of central banks believe that global central banks will continue to increase their gold holdings in the next 12 months, with nearly 43% planning to increase their gold reserves within the year [1] - As of the end of June, China's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the end of May, marking the eighth consecutive month of gold accumulation by the central bank [1] Group 2 - China's foreign exchange reserves rose to $33,174 billion as of the end of June, an increase of $32.2 billion or 0.98% from the end of May, maintaining above $3.2 trillion for 19 consecutive months [2] - The increase in foreign exchange reserves in June was influenced by macroeconomic policies and growth prospects of major economies, alongside a 2.5% decline in the US dollar index, which reached a three-year low [2] - The rise in global financial asset prices, including a 1% increase in the dollar-denominated global bond index and a 5% rise in the S&P 500 index, contributed to the increase in foreign exchange reserves [2]

Core Viewpoint - The People's Bank of China (PBOC) has been consistently increasing its gold reserves, reaching 73.9 million ounces by the end of June 2025, marking an increase of 70,000 ounces from the previous month, and this is the eighth consecutive month of gold accumulation [2]. Group 1: Reasons for Increasing Gold Reserves - The global political and economic landscape is complex and uncertain, especially following the policies of the Trump administration, making gold a preferred safe-haven asset [3]. - China's gold reserves as a percentage of total international reserves are relatively low compared to the global average, which is around 15%. As of December 2024, gold accounted for only 5.5% of China's official international reserves [4]. Group 2: Future Outlook - It is likely that China will continue to increase its gold reserves to promote the internationalization of the Renminbi and enhance the credibility of its sovereign currency [6]. - The ongoing global uncertainties provide motivation for the central bank to keep accumulating gold [7]. Group 3: Gold Price Trends - In the first half of this year, the London spot gold price rose by 25.7%, marking the largest half-year increase since the second half of 2007. Long-term factors such as geopolitical conflicts, a weakening dollar, and central bank purchases are expected to support further increases in gold prices [8].

具体来看，在这8轮增持中，央行在2022年11月开启的一轮增持黄金持续最久，直至2024年4月， 连续18个月里共增持黄金316.01吨。而在2015年6月至2016年4月，央行此轮增持黄金最多，11 个 月里累计增持黄金754.26吨。 "未来，央行增持黄金仍是大方向。主要原因是我国国际储备中的黄金储备占比偏低，截至5月底， 我国官方储备资产中黄金的占比为7%，明显低于15%左右的全球平均水平。" 王青进一步表示，黄 金作为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，为推进人民币国际化 创造有利条件。 虽然我国央行自去年年底重启增持黄金，致使黄金储备数量连续增加，但对比单月增持规模，近月呈 现购买力度缩小的情况，尤其是过去的5月份，央行该月增持规模为1.87吨，下滑至2吨以下，为本 轮重启增持黄金的首次。 东方金诚首席宏观分析师王青表示，5月关税战降温，避险需求弱化导致国际金价出现小幅调整，当 月央行继续增持黄金，这意味着从控制成本角度出发暂停增持黄金的必要性下降，而从优化国际储备 结构角度增持黄金的需求上升。 从央行公布的相关数据来看，1999年我国黄金储备数量仅为394.08吨，当时 ...

Core Viewpoint - The People's Bank of China has increased its gold reserves for the seventh consecutive month, signaling a strategic adjustment in international reserve structure amid global changes [1][4]. Group 1: Gold Reserves and Market Trends - As of the end of May, China's gold reserves reached 73.83 million ounces, an increase of 60,000 ounces from the previous month [1]. - The continuous increase in gold reserves aligns with market expectations, reflecting new changes in the global political and economic landscape [1][4]. - The international gold price has shown strong performance, with spot gold surpassing $3,310 per ounce on June 9, 2025 [1]. Group 2: Domestic Gold Jewelry Prices - The price of gold jewelry in China has seen a decline, with some brands offering prices as low as 985 yuan per gram [2]. Group 3: Future Outlook for Gold - The World Gold Council indicates that gold may remain one of the few resilient assets in a stagflation environment, with potential for future price increases [4]. - The low proportion of gold in China's international reserves (7% as of May 2025) compared to the global average of 15% suggests a continued trend of increasing gold reserves by the central bank [4]. - The central bank's strategy to increase gold reserves is also aimed at enhancing the credibility of the sovereign currency and promoting the internationalization of the renminbi [4].

Core Viewpoint - China's foreign exchange reserves increased slightly to $32,853 billion by the end of May, supported by the recovery of the economy and stable development quality [1][5]. Group 1: Foreign Exchange Reserves - As of the end of May, China's foreign exchange reserves rose by $36 billion, a 0.11% increase from the end of April [1]. - The increase in reserves was influenced by fluctuations in asset prices and exchange rates, with the dollar index experiencing a minor decline of 0.2% [2][3]. - The easing of the US-China trade tensions and a reduction in the outflow of capital from dollar assets contributed to the stability of the dollar [2][5]. Group 2: Gold Reserves - China's gold reserves reached 7,383 million ounces by the end of May, marking a continuous increase for seven months [1][6]. - The central bank's ongoing accumulation of gold is aimed at optimizing the international reserve structure and enhancing the credibility of the sovereign currency [6]. - As of the end of May, gold accounted for 7.0% of China's official international reserve assets, significantly below the global average of around 15% [6].

Summary of Key Points Core Viewpoint - As of May 2025, China's foreign exchange reserves reached $328.53 billion, marking a $3.6 billion increase from April, indicating a stable trend in reserves over the past 18 months and a recovery over the last five months [1][3]. Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to various factors including fiscal and monetary policies of major economies, as well as economic growth prospects, leading to a slight fluctuation in the US dollar index [1][3]. - The current level of foreign reserves is considered adequate, providing support for maintaining the RMB exchange rate at a reasonable equilibrium and acting as a buffer against external shocks [1][4]. - The foreign reserves' valuation effects were nearly balanced due to fluctuations in exchange rates and asset prices, with the dollar index showing a minor decline of 0.2% in May [4][5]. Gold Reserves - The People's Bank of China (PBOC) has increased its gold reserves for seven consecutive months, reaching 7.383 million ounces (approximately 2296.37 tons) by the end of May, with a month-on-month increase of 6,000 ounces [3][6]. - The gold reserves accounted for 7.0% of total international reserves, which is significantly lower than the global average of around 15%, indicating room for further accumulation [6][7]. - The ongoing geopolitical tensions and the rise of protectionism have enhanced the role of gold as a safe-haven asset, suggesting a continued demand for gold accumulation by the central bank [6][7]. Market Dynamics - The recent easing of trade tensions between China and the US has led to a recovery in direct exports to the US, which is expected to support stable cross-border capital flows [5][6]. - The average daily trading volume in the domestic foreign exchange market reached a record high of $47.8 billion in May, reflecting increased market activity and expectations [6][7]. - A survey indicated that 69% of central banks expect the share of gold in global reserves to increase over the next five years, while 62% anticipate a decline in the share of US dollar reserves [7][8].

Group 1 - As of May 2025, China's foreign exchange reserves reached $328.53 billion, an increase of $3.6 billion from the end of April, reflecting a growth rate of 0.11% [1] - The increase in foreign exchange reserves is attributed to factors such as fiscal and monetary policies of major economies, economic growth prospects, and the stabilization of China's economy, which supports the stability of foreign exchange reserves [1] - The chief economist of Minsheng Bank, Wen Bin, suggests that a turnaround in China-US trade relations may lead to a new trade agreement, which could boost exports and stabilize cross-border capital flows [1] Group 2 - As of May 2025, China's official gold reserves have increased for the seventh consecutive month, aligning with market expectations [3] - The People's Bank of China continues to increase its gold holdings due to changes in the global political and economic landscape, with a focus on optimizing the structure of international reserves [3] - China's gold reserves account for 7.0% of its total international reserves, significantly lower than the global average of around 15%, indicating a need for further accumulation of gold [3]

Core Viewpoint - The article discusses the recent adjustments made by several banks in China regarding the minimum investment amounts for gold accumulation products, reflecting the rising gold prices and market conditions [3][5][6]. Group 1: Bank Adjustments - Everbright Bank has raised the minimum investment amount for its gold accumulation personal business from 700 yuan to 1000 yuan, an increase of nearly 43%, making it the highest among banks [3]. - Bank of China has also increased its minimum purchase amount for gold accumulation products from 700 yuan to 750 yuan, marking the second increase this year [5]. - Ningbo Bank has adjusted its minimum purchase amount for gold accumulation to 800 yuan per gram, which is currently the highest among banks [6]. Group 2: Market Trends - The recent adjustments in minimum investment amounts are seen as a response to the significant fluctuations in gold prices, with Shanghai gold prices exceeding 700 yuan per gram [8]. - Analysts suggest that the increase in minimum investment thresholds helps banks filter clients with better risk tolerance and investment experience, while also controlling the scale of personal gold accumulation business [8]. Group 3: Central Bank Actions - The People's Bank of China reported an increase in gold reserves to 7,370 million ounces by the end of March, up by 90,000 ounces from February, marking the fifth consecutive month of increases [10]. - The continuous increase in gold reserves is attributed to the changing global political and economic landscape, with expectations that international gold prices may remain high for an extended period [10][11]. - The low proportion of gold in China's international reserves, at 5.5%, compared to the global average of around 15%, indicates a potential for further increases in gold holdings by the central bank [11].