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].

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].