| 2025.04 | | 2025.05 | | 2025.06 | | | | --- | --- | --- | --- | --- | --- | --- | | 亿美元 | ZSDR | 亿美元 | ZSDR | 亿美元 | ZSDR | 亿美元 | | 100million | 100million | 100million | 100million | 100million | 100million | 100millic | | USD | SDR | USD | SDR | USD | SDR | USD | | 32816.62 | 24199.01 | 32852.55 | 24214.89 | 33174.22 | 24144.20 | 32922 | | 111.86 | 82.48 | 113.03 | 83.31 | 112.86 | 82.14 | 109 | | 550.51 | 405.95 | 552.18 | 407.00 | 559.30 | 407.06 | 552 | | 2435.85 | 1796.20 | 2419.88 | 1783.64 | 2429.3 ...

经济观察网 12月7日，国家外汇管理局最新数据显示，中国11月末外汇储备为33463.72亿美元，10月末 外汇储备为33433.43亿美元。中国11月末黄金储备报7412万盎司（约2305.39吨），环比增加3万盎司 （约0.93吨），为连续第13个月增持黄金。 （原标题：11月外储规模环比上升0.09%，央行连续13个月增持黄金） ...

两项重要数据今日出炉。 12月7日，国家外汇管理局公布数据显示，截至2025年11月末，我国外汇储备规模为33464亿美元，较10月末上升30亿美元，升幅为0.09%。 另据中国人民银行同日公布的数据，截至11月末，我国黄金储备为7412万盎司，环比增加3万盎司，已是连续第13个月增持黄金。 | Official reserve assets | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025.01 2025.02 2025.03 2025.04 2025.05 2025.06 | | 2025.07 | | 2025.08 | | 2025.09 | | 2025.10 | | 2025.11 | | 2025.12 | | | 项目 Item 《关完 (ZSDR 亿黄元 U.SDR 亿翼元 (ZSDR 《黄元 CZSDR 亿美元 Z.SDR 乙黄元 | CSDR | 《乙黄元 | CSDR | 乙黄元 | ZSDR | ...

温彬分析指出，11月份，美国政府重启后补发的一系列经济数据表现疲软，叠加多位美联储鸽派官员安抚市场，哈塞特成为下届美联储主席核心候选者的市 场消息，美联储12月降息概率飙升至80%以上，美债上行、美元贬值，全球资产价格涨跌互现。 外贸领域，他表示，中美经贸关系在元首会晤后猛然转向，11月份美国将对华关税下调10%，有助于我国对美出口规模保持稳定。 记者 辛圆 国家外汇管理局周日公布数据显示，截至2025年11月末，我国外汇储备规模为33464亿美元，较10月末上升30亿美元，升幅为0.09%，外汇储备连续四个月 上升。 外汇局在新闻稿中称，2025年11月，受主要经济体宏观经济数据、货币政策预期等因素影响，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。我国经济保持总体平稳、稳中有进发展态势，为外汇储备规模保持基本稳定提供支撑。 中国民生银行首席经济学家温彬对智通财经表示，受资产价格变化与汇率波动综合影响，11月末外储环比上涨30亿美元。 投资领域，温彬提到，我国稳步推进资本市场自主开放，近日证监会印发《合格境外投资者制度优化工作方案》，对配置型外资准入实 ...

#数据 中国央行连续第13个月增持黄金，2025年11月末黄金储备增加3万盎司至7412万盎司（10月增加3万盎司），以美元计增加134.38亿美元。11月末外汇储备环比增加30.29亿美元（10月增加46.85亿美元）至33463.72亿美元。 https://t.co/Z4y7oROmul ...

周三(12月3日)亚盘时段，现货黄金窄幅震荡，最新黄金价格交投于4220美元一线，市场对美联储在12 月会议上降息25个基点的可能性定价高达89%，支撑金价走高，同时全球央行购金中期支撑金价多头， 目前美元指数依然处于调整阶段，黄金行情维持震荡上行等待突破。 回顾周二金价走势，黄金价格在创下六周新高后回落，但尾盘强势回升，显示出强劲的逢低买盘支撑。 同时，全球央行购金热情高涨，美债收益率回落，以及地缘政治紧张局势的升级，都为黄金提供了坚实 的支撑基础。因投资者获利了结，现货黄金美盘跳水，最终收跌0.59%，报4205.38美元/盎司。 周一出炉的美国ISM制造业PMI数据表现不佳，强化了市场对美联储12月10日的降息预期，而且美国总 统特朗普表示，计划在明年初宣布接替美联储主席鲍威尔的人选。目前哈赛特是热门候选人，哈赛特被 认为与美国总统特朗普的政府关系密切，支持美国加速降息。 俄罗斯总统外交政策助理乌沙科夫(Yuri Ushakov)周三表示，俄罗斯和美国未能就乌克兰和平达成妥 协，和平既没有更近一步，也没有变得更遥远。他指出，双方未能在最棘手的问题之一--领土争端上取 得妥协。 当前，市场对美联储在12月 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report provides a weekly hot - spot preview from December 1 - 7, 2025, including the expected data of various economic indicators and their potential impacts on the futures market [2]. 3. Summary by Relevant Catalog This Week's Key Focus - On December 1 at 09:45, Markit will release China's November SPGI manufacturing PMI [2]. - On December 4 at 21:30, the US Department of Labor will announce the initial jobless claims for the week ending November 29 [2]. - On December 5 at 23:00, the US Department of Commerce will release the US September PCE price index [2]. - On December 7 at 16:00, the People's Bank of China will announce November foreign exchange reserves and gold reserves [2]. This Week's Hot - Spot Preview December 1 - China's November SPGI manufacturing PMI: Expected to be 51.1 (previous 50.9). A slight increase may help industrial and stock index futures rise and suppress treasury bond futures [2]. - US November ISM manufacturing PMI: Expected to be 48.5 (previous 48.7). A slight decrease may suppress non - ferrous metals, crude oil and related futures, but help gold and silver futures [3]. December 2 - Eurozone November CPI initial value: Expected harmonized CPI annual rate - unadjusted initial value is 2.1% (same as previous) [4]. - Eurozone October unemployment rate: Expected to be 6.3% (same as previous) [7]. December 3 - China's November SPGI services PMI and composite PMI: Expected services PMI is 51.9 (previous 52.6), composite PMI is 51.5 (previous 51.8). A slight decrease may suppress stock index and commodity futures, but help treasury bond futures [8]. - US November ADP employment change: Expected new employment is 55,000 (previous 42,000). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [9]. - US September industrial production monthly rate: Expected to be 0 (previous 0.1%) [10]. - US November ISM non - manufacturing PMI: Expected to be 53.5 (previous 52.4). A slight increase may suppress gold and silver futures [11]. - US EIA crude oil inventory change for the week ending November 28: A continued increase may suppress crude oil and related commodity futures [12]. December 4 - November下旬 prices of important production materials in the circulation field: The National Bureau of Statistics will release prices of 9 categories and 50 products [13]. - Eurozone October retail sales: Previous monthly rate was - 0.1%, annual rate was 1.0% [14]. - US initial jobless claims for the week ending November 29: Expected to be 212,000 (previous 216,000). A slight decrease may suppress gold and silver futures and help other industrial futures [15]. December 5 - US September factory orders monthly rate: Previous was 1.4% [16]. - US September PCE price index: Expected annual rate is 2.7% (same as previous), core annual rate is 2.9% (same as previous), core monthly rate is 0.3% (previous 0.2%). Specific changes may strengthen the market's expectation of a 25 - basis - point interest rate cut by the Fed in December [17]. - US September personal expenditure monthly rate: Expected to be 0.4% (previous 0.6%) [18]. - US September personal income monthly rate: Expected to be 0.4% (same as previous) [19]. - US December University of Michigan consumer confidence index initial value: Expected to be 52 (previous 51). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [20]. December 7 - China's November foreign exchange reserves: Previous was $3343 billion, gold reserves were 74.09 million ounces [21].

Core Insights - The Russian Central Bank is selling physical gold reserves to compensate for budgetary needs due to the freezing of €300 billion in foreign exchange reserves [1][3] - Russia has increased its gold reserves for 12 consecutive months, accumulating 24 tons this year, bringing total reserves to 2304.5 tons, with gold's share in foreign reserves rising from approximately 5.5% at the end of 2024 to around 8% [1][4] Group 1 - The immediate reason for Russia's gold sales is to address budgetary shortfalls, indicating a financial crisis exacerbated by unprecedented sanctions from Western countries since the escalation of the Ukraine crisis [3] - Russia has faced over 30,000 sanctions affecting various sectors, leading to high domestic inflation and a continuous increase in fiscal deficit [3] - The country is not running out of gold, as it holds over 2300 tons and is the second-largest gold producer globally, mining over 300 tons annually [4] Group 2 - The current surge in gold prices, with an increase of nearly 55% since the beginning of the year, makes selling gold a financially advantageous move for Russia [4] - The sale of gold serves a dual purpose: it addresses immediate financial needs while capitalizing on the current high prices before a potential decline due to peace negotiations [4] - The expectation of a drop in gold prices following peace agreements suggests that selling now is a strategic decision to maximize returns [4]

Core Viewpoint - The Central Bank of Russia has begun selling its physical gold reserves to address the national budget deficit amid ongoing war conditions, marking a shift from gold as a safety asset to a liquidity tool [1][5]. Group 1: Changes in Gold Reserves - Approximately 57% of the national wealth fund's gold, equating to 232.6 tons, has been sold, leaving 173.1 tons as of November 1 [1]. - The transition from bookkeeping adjustments to actual physical delivery of gold signifies a change in approach, moving from internal transfers to tangible gold bars exchanged for cash [3]. Group 2: Economic Pressures and Policy Adjustments - External financing pressures have increased due to sanctions freezing foreign reserves and declining oil and gas revenues, leading to an expanding budget deficit [3]. - The Russian government has eliminated VAT on retail gold purchases to stimulate domestic demand, indicating a shift in policy to open gold access to the general public [3]. Group 3: Historical Context and Comparisons - Historical precedents show that countries like Iceland, Greece, and Venezuela have resorted to selling gold during financial crises when external financing was blocked and internal liquidity was constrained [5]. - The current situation in Russia reflects a similar pattern where gold is being utilized not just as a store of wealth but as a means to sustain economic operations [5]. Group 4: Domestic Market Strategy - Russia is primarily selling gold bars in the domestic market to avoid price volatility associated with international sales and to manage price expectations [7]. - The sale of gold is seen as a necessary measure to maintain economic stability, with the potential for further sales depending on the ongoing war and its financial implications [7]. Group 5: Future Implications - The continuation of the war will require significant funding, and post-war recovery will also necessitate cash flow for industrial revival and infrastructure repair [9]. - The choice to sell gold rather than print more currency aims to inject liquidity into the market while controlling inflationary pressures [9].

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【11月23日瑞士央行行长称瑞士仍持有大量黄金】11月23日，瑞士国家银行行长马丁·施莱格尔表示， 从国际层面看，瑞士仍持有大量黄金。 ...