本报记者 刘琪 9月7日，国家外汇管理局（以下简称"外汇局"）公布2025年8月末外汇储备规模数据。数据显示，截至2025年8月末，我国 外汇储备规模为33222亿美元，较7月末上升299亿美元，升幅为0.91%。 外汇局表示，2025年8月份，受主要经济体货币政策预期、宏观经济数据等因素影响，美元指数下跌，全球金融资产价格 总体上涨。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。 中银证券全球首席经济学家管涛在接受《证券日报》记者采访时表示，截至8月底，中国外汇储备余额再次刷新2016年以 来新高，表明中国防范化解各种冲击的能力继续提升。 从汇率来看，Wind资讯数据显示，8月份，美元指数下跌2.21%。非美货币普遍升值，其中，日元、欧元、英镑对美元汇 率分别上涨2.46%、2.37%、2.25%。由于外储以美元计价，非美货币升值增加了经汇率折算后的外汇储备规模。 此外，9月7日更新的黄金储备数据显示，截至8月末，我国黄金储备为7402万盎司（2538.43亿美元），较7月末增加6万盎 司，我国央行已经连续第10个月增持黄金。 管涛认为，在外部环境复杂程度明显提升背景下，中国国际储备资产多元化 ...

Core Insights - As of the end of August 2025, China's foreign exchange reserves reached 33,222 billion USD, an increase of 29.9 billion USD from the end of July, representing a growth rate of 0.91% [1][4]. Group 1 - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [7]. - The stable performance of China's economy demonstrates strong resilience and vitality, which supports the maintenance of foreign exchange reserves at a stable level [1].

Group 1: Foreign Exchange Reserves - As of August 2025, China's foreign exchange reserves reached $332.2154 billion, an increase of $29.9 billion from the end of July, representing a growth rate of 0.91% [1] - The increase in foreign exchange reserves is attributed to factors such as changes in major economies' monetary policies and macroeconomic data, leading to a decline in the US dollar index and an overall rise in global financial asset prices [2] Group 2: Gold Reserves - The People's Bank of China has increased its gold reserves for the 10th consecutive month, with a total of 74.02 million ounces (approximately 2,098 tons) as of the end of August, reflecting a month-on-month increase of 6,000 ounces (about 1.7 tons) [1] - Since November of the previous year, China has cumulatively purchased 1.22 million ounces (approximately 38 tons) of gold [1] - Gold has emerged as one of the strongest-performing major commodities this year, with a price increase exceeding 30% and reaching a historical high recently [3] Group 3: Market Influences - Factors such as central bank purchases, expectations of interest rate cuts by the Federal Reserve, and political pressures on the Fed have contributed to the recent surge in gold prices [3] - The World Gold Council reports that geopolitical risks will continue to support demand from official sectors, despite a slowdown in the accumulation of gold by central banks as prices rise [5]

2025.09. 07 本文字数：2529，阅读时长大约4分钟 作者 | 第一财经 杜川 封图 | AI生成 9月7日，国家外汇管理局公布的数据显示，截至2025年8月末，我国外汇储备规模站上3.3万亿美元，创下2016年1月以来新高。 外汇局表示，8月，受主要经济体货币政策预期、宏观经济数据等因素影响，美元指数下跌，全球金融资产价格总体上涨。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。 与此同时，央行连续10个月增持黄金储备，8月净增持6万盎司，占外汇储备的比重升至7.64%的历史新高。 外储规模的增长，背后是多重因素共同作用的结果。中银证券全球首席经济学家管涛对第一财经表示，受主要经济体货币政策预期、宏观经济数据等因 素影响，美元指数重回下跌态势，全球金融资产价格总体上涨，非美元货币对美元升值和资产价格上涨对我国外储产生正估值效应。 东方金诚宏观首席分析师王青将外储规模上升的原因概括为两点。首先，美联储释放出清晰的降息信号，这一罕见举动直接引发美元指数快速下跌，当 月跌幅达2.2%。由于我国外汇储备中包含大量非美元资产，美元指数的下跌使得这些非美元资产价格上涨，成为外储规模上升的主要推手 ...

9月7日，国家外汇管理局统计数据显示，截至2025年8月末，我国外汇储备规模为33222亿美元，较7月 末上升299亿美元，升幅为0.91%。这是我国外汇储备今年第二次站上3.3万亿美元大关，且创下2016年1 月以来新高。 国家外汇局表示，2025年8月，受主要经济体货币政策预期、宏观经济数据等因素影响，美元指数下 跌，全球金融资产价格总体上涨。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。 我国经济运行稳中有进，展现出强大韧性和活力，为外汇储备规模保持基本稳定提供支撑。 东方金诚首席宏观分析师王青解读称，8月外汇储备升高背后主要是年初以来美元大幅贬值，美债收益 率大幅走低，以及全球主要股指上涨带动。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。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。 黄金储备方面，央行连续第10个月增持黄金。央行公布数据显示，8月末黄金储备报7402万盎司(约 2302.28吨)，环比增加6万盎司(约1.86吨)。数据还显示，截至8月末，我国持有黄金储备余 ...

Group 1 - As of the end of August 2025, China's foreign exchange reserves reached 332.22 billion USD, an increase of 29.9 billion USD from the end of July, representing a growth rate of 0.91% [1] - The rise in foreign exchange reserves in August 2025 was influenced by expectations regarding monetary policies of major economies and macroeconomic data, leading to a decline in the US dollar index and an overall increase in global financial asset prices [1] - The stability of China's economic operation, demonstrating strong resilience and vitality, has supported the maintenance of foreign exchange reserves at a stable level [1]

Core Viewpoint - As of the end of August 2025, China's foreign exchange reserves reached 33,222 billion USD, reflecting an increase of 29.9 billion USD from the end of July, marking a growth rate of 0.91% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves increased due to the impact of major economies' monetary policy expectations and macroeconomic data, leading to a decline in the US dollar index and an overall rise in global financial asset prices [1] - The rise in foreign exchange reserves is supported by the stability and resilience of the Chinese economy, which has shown progress [1] Group 2: Economic Indicators - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [1] - The data indicates that the Chinese economy is maintaining a stable performance, which is crucial for sustaining the foreign exchange reserve levels [1]

Core Points - The US dollar index decreased by 0.56% to 97.74, indicating a weakening of the dollar against other currencies [1] - Most non-US currencies appreciated, with the euro rising by 0.58% to 1.1719 against the dollar [1] - The British pound increased by 0.55% to 1.3509 against the dollar [1] - The Australian dollar gained 0.60% to 0.6557 against the dollar [1] - The dollar fell by 0.71% to 147.4090 against the Japanese yen [1] - The dollar increased slightly by 0.07% to 1.3826 against the Canadian dollar [1] - The dollar decreased by 0.94% to 0.7980 against the Swiss franc [1]

Core Viewpoint - The US dollar index experienced a short-term decline of approximately 40 points, following the release of August non-farm payroll data that significantly fell short of expectations [1] Group 1 - The US dollar index dropped about 40 points in a short time frame [1] - August non-farm payroll data from the US was considerably lower than anticipated [1]

Group 1 - The U.S. labor market is showing clear signs of cooling, with non-farm payrolls increasing by only 22,000 in August, significantly below the expected 75,000 and the previous value of 73,000 [1] - The unemployment rate rose to 4.3% in August, matching expectations but marking the highest level since 2021, raising concerns about a potential further deterioration in the job market [1] - The Federal Reserve is expected to cut interest rates, with an 88.3% probability of a 25 basis point cut in September and a 63.4% probability of a cumulative 50 basis point cut by October [1] Group 2 - Following the labor market data release, the U.S. dollar index fell approximately 35 points, currently reported at 97.56 [1] - U.S. stock futures saw a short-term increase, with the Nasdaq 100 futures rising by 0.72% [4] - The yield on the U.S. 10-year Treasury note decreased, currently reported at 4.131% [6]