Core Viewpoint - The latest foreign exchange reserve data indicates that China's foreign exchange reserves reached $33,464 billion at the end of November 2025, marking a $3 billion increase from the end of October, with a growth rate of 0.09% [1][4]. Group 1: Foreign Exchange Reserves - As of November 2025, China's foreign exchange reserves have remained above $3.3 trillion for four consecutive months, with a significant increase of $144 billion compared to the end of the previous year [4][5]. - The increase in reserves is attributed to the depreciation of the US dollar, lower US Treasury yields, and rising global stock indices [5][6]. - The People's Bank of China (PBOC) may continue to implement foreign exchange net selling to maintain reserves at an appropriate level, given the current high level of reserves [5][6]. Group 2: Gold Reserves - China's official gold reserves increased to 7,412 million ounces (approximately 2305.39 tons) at the end of November, marking the 13th consecutive month of increase, although the increment has been low for nine months [1][6]. - The PBOC's continued accumulation of gold is seen as a response to the changing global political and economic landscape, with expectations of sustained high international gold prices [6][7]. - The recent rise in gold prices, from $4,000 per ounce at the end of October to above $4,200 per ounce, is driven by expectations of US interest rate cuts and geopolitical factors [7].

12月7日，国家外汇管理局最新数据显示，截至2025年11月末，我国外汇储备规模连续4个月稳定在3.3万亿美元以上。同时，央行已连续13个月增持黄金。 外储规模继续稳定在3.3万亿美元以上 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%。 拉长时间来看，11月，我国外汇储备规模不仅连续四个月稳定在3.3万亿美元以上，还创下2015年12月以来新高。同时，较上年末已大幅增加1440亿美元。 东方金诚首席宏观分析师王青也表示，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。 央行连续13个月增持黄金 数据显示，11月末央行黄金储备报7412万盎司，环比增加3万盎司。尽管增量连续第9个月处于低位，但这是央行继去年11月重启增持后，连续第13个月增持 黄金。 | | 2025.01 | | 2025.02 | | 2025.03 | | 2025.04 | | 2025.05 | | 2025.06 | | 2025.07 | | 202 ...

这周有哪些大事要闻？ 发布了哪些重要政策、通知？ 一起来快速回顾一下吧！ 领导关心 上海市第1期领导干部学习贯彻党的二十届四中全会精神专题研讨班开班，陈吉宁作专题报告 12月1日上午，上海市委书记陈吉宁出席第1期领导干部学习贯彻党的二十届四中全会精神专题研讨班开 班式并作专题报告。 在报告中，陈吉宁指出，要加快"五个中心"建设，推动国际经济中心提升地位、国际金融中心增强竞争 力和影响力、国际贸易中心提质升级、保持国际航运中心全球领先、强化国际科创中心策源功能。深刻 认识"十五五"规划建议部署"加快建设上海国际金融中心"的重要意义和使命任务，发挥金融体系完备优 势，把握人民币国际化机遇，加快打造人民币资产全球配置中心，加快构建与上海国际金融中心相匹配 的离岸金融体系。加强风险管理中心建设，提升与高水平开放相适应的风险防控能力。 把浦东引领区建设不断引向深入！陈吉宁龚正黄莉新胡文容参观浦东开发开放主题展并出席座谈会 活动中，上海金融业联合会向与会企业介绍上海普惠金融顾问制度相关服务；工商银行长宁支行分享相 关信贷工具和区内财政支持政策；市融资担保中心作政策性担保工具专题介绍；长宁私募基金分享股权 投资相关情况。 ...

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 | ...

温彬表示，在投资领域，我国稳步推进资本市场自主开放，近日中国证监会印发《合格境外投资者制度 优化工作方案》，对配置型外资准入实行绿色通道，有利于提升对境外投资者的吸引力。我国经济基础 稳、优势多、韧性强、潜能大，是外汇储备规模保持基本稳定的根本支撑。 国家外汇管理局12月7日发布数据显示，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%。 国家外汇局表示，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。 数据显示，11月末我国外储规模已连续四个月升至3.3万亿美元之上，创2015年12月以来最高，较上年 末也大幅增加1440亿美元。 从汇率折算和资产价格变化看，民生银行首席经济学家温彬表示，汇率方面，11月，美元指数环比下跌 0.3%至99。非美货币涨跌不一，日元汇率下跌1.38%至156.2；欧元、英镑兑美元分别上涨0.56%、 0.63%。资产价格方面，美元标价的已对冲全球债券指数上涨0.2%，标普500指数环比小幅上涨0.1%。 ...

外储规模继续稳定在3.3万亿美元以上 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%。 【导读】11月外储规模环比上升0.09%，央行连续13个月增持黄金，可谓历史罕见 中国基金报记者 张玲 12月7日，国家外汇管理局最新数据显示，截至2025年11月末，我国外汇储备规模连续4个月稳定在3.3万亿美元以上。同时， 央行已连 续13个月增持黄金。 拉长时间来看，11月，我国外汇储备规模不仅连续四个月稳定在3.3万亿美元以上，还创下2015年12月以来新高。同时，较上年末已大幅 增加1440亿美元。 国家外汇管理局表示，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。 民生银行首席经济学家温彬分析称，11月份，美国联邦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 ...

Core Viewpoint - The conference emphasized the need for China to become a consumer powerhouse, aligning its consumption-to-GDP ratio with international standards and enhancing the internationalization of the Renminbi [3][7]. Group 1: Key Points on Consumer Powerhouse - Liu Shijun outlined three focal points for building a consumer powerhouse: aligning consumption with GDP, prioritizing service consumption, and creating the world's largest consumer market [3][7]. - There is an urgent need to address structural consumption gaps to match the current per capita income levels in China with international standards [3][7]. - Development of service consumption, particularly human capital investment in education, healthcare, and social security, is crucial for driving innovation [3][7]. Group 2: Key Points on Manufacturing and Trade - China's manufacturing sector accounts for 30% of the global share, making it the largest goods exporter, yet there is a significant gap in the internationalization of the Renminbi [4][8]. - A new strategy is needed to balance imports and exports, allowing for increased imports paid in Renminbi while maintaining export competitiveness [4][8]. - In 2024, China's trade surplus is projected to approach $1 trillion, and by shifting to Renminbi for imports, it could significantly expand the offshore Renminbi market from over 1 trillion to more than 7 trillion Renminbi [9].

Group 1 - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, reflecting a growth rate of 0.09% [1] - The increase in foreign exchange reserves is attributed to the stable economic performance of China, which supports the overall stability of the reserves [1][2] - The dollar index fell by 0.29% in November due to expectations of interest rate cuts by the Federal Reserve and rising interest rates in Japan, contributing to the appreciation of non-dollar assets in China's reserves [1][2] Group 2 - China's foreign exchange reserves have remained above $3.3 trillion for four consecutive months, the highest level since December 2015, with a significant increase of $144 billion compared to the end of the previous year [2] - The central bank's limited increase in gold reserves in November suggests a potential for foreign exchange net selling to maintain reserves at a moderate level [2] - The current foreign exchange reserves are considered to be in a moderately sufficient state, providing important support for maintaining the RMB exchange rate and mitigating external shocks [2] Group 3 - The official gold reserves increased to 7.412 million ounces by the end of November 2025, marking the thirteenth consecutive month of increase, although the increment has been low for nine months [2][3] - The central bank's small increase in gold reserves amidst rising international gold prices signals an intention to optimize international reserves [3] - The proportion of gold reserves in China's official international reserves is 8.0%, significantly below the global average of around 15%, indicating a need for continued accumulation of gold reserves [3]

Core Insights - The conference focused on finding solutions for China's economic challenges, emphasizing the need for a stronger consumer economy [1] Group 1: Consumer Economy Development - Liu Shijun highlighted three key points for building a strong consumer economy in China: aligning consumption with GDP, focusing on service consumption, and creating the largest consumer market globally [3] - The urgent need to address structural consumption gaps was emphasized, aiming to align China's consumption-to-GDP ratio with international standards [3] - Development of service consumption, particularly human capital investment in education, healthcare, and social security, is crucial for innovation-driven growth [3] Group 2: Internationalization of the Renminbi - China accounts for 30% of global manufacturing and is the largest goods exporter, yet its currency's internationalization remains limited [4] - A significant strategy to enhance the international status of the Renminbi involves increasing offshore Renminbi supply to achieve "scale economy" in its usage [4] - By balancing imports and exports while using Renminbi for payments, China could potentially expand its offshore Renminbi market significantly, from over 1 trillion to more than 7 trillion Renminbi [4]

特朗普最近宣布，他已经决定了下一任美联储主席的人选，并将在2026年年初正式公布。虽然特朗普没有直接透露具体人选，但根据彭博社的报道，现任白 宫经济委员会主任凯文·哈塞特是他心目中的人选。此前，关于美联储新主席的讨论非常热烈，财长贝森特、现任美联储理事沃勒和米兰等人都是热门人 选，但最终，特朗普选择了哈塞特，这个人被认为是最听话的。这个决定意味着，特朗普将进一步掌控美联储，成为继罗斯福之后拥有最大权力的美国总 统。然而，这对于美联储来说无疑是一次灾难性的打击，它的独立性将被完全削弱，全球经济也将因此发生深刻的变革。 哈塞特的个人履历看起来非常符合美联储主席的要求。他拥有宾夕法尼亚大学经济学博士学位，曾在美联储担任高级经济学家，还曾在哥伦比亚大学商学院 担任副教授，并且三次担任美国总统竞选的经济顾问，是经济界的知名人物。然而，这位看似坚定的自由主义经济学家，实际上是一个机会主义者，为了迎 合当权者，他毫不犹豫地背离自己的经济信仰。2011年，当时特朗普只是一个房地产大亨，还没有那么强势，他曾表示如果自己当选总统，就会对中国加税 25%。哈塞特当时批评特朗普的这一主张简直是不可理喻。然而，特朗普当选后，哈塞特迅速 ...