Group 1 - 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% [1] - The decline in foreign exchange reserves was influenced by macroeconomic data, monetary policy, and expectations from major economies, leading to an increase in the US dollar index and a mixed performance in global financial asset prices [1][2] - The US dollar index rose by 3.4% in July, reaching a peak of 100.1042 on July 31, marking the highest level since May 23 [1] Group 2 - The depreciation of non-US currencies against the dollar resulted in a negative valuation effect on foreign exchange reserves, as the reserves are denominated in dollars [1] - The People's Bank of China has increased its gold reserves to 7.396 million ounces as of the end of July, adding 60,000 ounces since the end of June, continuing a trend of increasing gold holdings for nine consecutive months [2] - The long-term outlook for gold remains positive due to its advantages in hedging against risks, inflation, and maintaining value, with central banks expected to continue increasing gold investments amid global uncertainties [3]

Group 1: Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $25.2 billion from June, marking a decline of 0.76% [1] - The decline in foreign exchange reserves is attributed to the rise in the US dollar index and fluctuations in global financial asset prices, despite the reserves remaining above $3.2 trillion for 20 consecutive months [1][5] - The current level of foreign exchange reserves is considered adequate, providing support for maintaining the RMB exchange rate at a reasonable equilibrium [1][4] Group 2: Gold Reserves - The People's Bank of China has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons) by the end of July, with a month-on-month increase of 6,000 ounces [2][8] - The gold reserve value increased by $1 billion to $24,398.5 billion, accounting for 7.41% of the total foreign exchange reserves, which is still below the global average of around 15% [2][8] - The central bank's strategy to increase gold reserves is driven by the need to optimize international reserve structure and enhance the credibility of the sovereign currency amid geopolitical uncertainties [8][10] Group 3: Economic Outlook - Despite facing risks and challenges, China's macroeconomic policies are prepared to adapt flexibly, with an emphasis on maintaining stable economic growth through proactive fiscal and monetary policies [6] - The central bank's continued accumulation of gold is seen as a strategic move to diversify international reserves and respond to changes in the global economic landscape [10][11] - A recent survey indicated that over 90% of central banks expect to increase their gold holdings in the next 12 months, reflecting a growing trend towards gold as a reserve asset [11]

Group 1: Central Bank Gold Reserves - The central bank's gold reserves increased to 73.96 million ounces by the end of July, marking a month-on-month increase of 60,000 ounces, continuing a trend of nine consecutive months of accumulation [1][2] - Despite the increase, the gold accumulation has been at a low level for five consecutive months, indicating a cautious approach to gold purchases [2] - The World Gold Council reported a 3% year-on-year increase in global gold demand in Q2, reaching 1,249 tons, with a significant 45% increase in value to $132 billion [2] Group 2: Foreign Exchange Reserves - As of the end of July, China's foreign exchange reserves decreased to $32,922 billion, a decline of $25.2 billion or 0.76% from the end of June, ending a six-month trend of increases [1][4] - The decline in foreign reserves was attributed to factors such as exchange rate fluctuations and changes in asset prices, with the dollar index rising by 3.2% during the month [4] - The decrease in reserves was primarily driven by the appreciation of the dollar, which negatively impacted the valuation of non-dollar assets held in reserves [4][5] Group 3: Market Outlook and Trends - The global gold price remained volatile in July, with fluctuations influenced by geopolitical factors and trade agreements, peaking above $3,400 per ounce [3] - UBS Wealth Management's Chief Investment Office maintains a positive outlook on gold, projecting a target price of $3,500 per ounce, with potential for $3,800 per ounce under adverse geopolitical or economic conditions [3] - The overall financial asset prices in China's foreign reserves increased, which helped mitigate the impact of the dollar's appreciation on reserve valuations [5]

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 2025, influenced by various macroeconomic factors and currency fluctuations [1][2][3] Foreign Exchange Reserves - The decline in foreign exchange reserves is attributed to the rise in the US dollar index, which increased by 3.2% due to expectations of high inflation and strong economic data, leading to depreciation of non-US currencies [2][3] - Despite the decrease, the long-term outlook for China's foreign exchange reserves remains stable due to the country's strong economic fundamentals and resilience [2][3] Gold Reserves - As of the end of July 2025, China's gold reserves reached 73.96 million ounces (approximately 2300.41 tons), marking an increase of 60,000 ounces (about 1.86 tons) and continuing a trend of nine consecutive months of growth [4][5] - The increase in gold reserves is seen as a strategic move to optimize the international reserve structure, with gold accounting for 7% of total reserves, significantly lower than the global average of around 15% [4][5] Economic Context - China's exports showed an unexpected growth of 8% in July, supported by product structure optimization and diversification of trade partners, despite external pressures [3] - The domestic economy is expected to maintain a stable growth trajectory, bolstered by supportive fiscal and monetary policies, which will help sustain the balance of international payments and stabilize foreign exchange reserves [3]

8月7日，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%。这也是我国外汇储备连续20个月保持在3.2万亿美元以上。 国家外汇局表示，2025年7月，受主要经济体宏观经济数据、货币政策及预期等因素影响，美元指数上 涨，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，当月外汇储备规模下降。 我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，有利于外汇储备 规模保持基本稳定。 民生银行首席经济学家温彬告诉记者，受汇率折算和资产价格变化等因素综合作用，7月外汇储备小幅 回落。这背后是受主要经济体宏观经济数据、货币政策及预期等因素影响，美元指数上涨，全球金融资 产价格涨跌互现。 汇率方面，基于对未来高通胀的预期以及表现尚佳的经济数据，美联储再度推迟降息，美元指数上涨 3.2%，重回100点，非美货币集体贬值，日元、欧元、英镑兑美元分别下跌4.5%、3.2%、3.8%，由于外 储以美元计价，非美货币贬值减少了经汇率折算后的外汇储备规模。 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 ...

Core Viewpoint - As 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 2025, influenced by macroeconomic data and monetary policy from major economies [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves stood at $329.22 billion as of July 2025, down from $331.74 billion in June 2025 [2] - The decline in reserves is attributed to the rise in the US dollar index and fluctuations in global financial asset prices [1][2] - The current level of reserves is considered to be at a moderately sufficient level, providing support for the stability of the RMB exchange rate [1] Group 2: Economic Outlook - The National Foreign Exchange Administration stated that China's economic fundamentals remain strong, with long-term positive trends expected to support the stability of foreign exchange reserves [1] - The domestic economy is expected to continue its stable growth due to supportive fiscal, monetary, and industrial policies [1] Group 3: Gold Reserves - As of the end of July 2025, China's gold reserves increased to 7.396 million ounces, marking the ninth consecutive month of gold accumulation by the central bank [1][2] - The increase in gold reserves is seen as a strategy to enhance the credibility of the sovereign currency and support the internationalization of the RMB [3]

新华财经北京8月7日电（记者翟卓）7日发布的数据显示，截至7月末，我国外汇储备规模为32922亿美元，较上月末小幅回落约0.76%，结束了此前月度"六 连涨"；黄金储备则实现"九连增"，小幅增加6万盎司至7396万盎司。 分析认为，在非美货币对美元贬值及资产价格下跌产生的负估值效应下，7月外汇储备规模出现小幅回落。而当前金价虽有小幅调整但仍处高位，央行继续 保持较低的购金规模来控制成本也是理性选择。 | 项目 Item | 2025.01 | | 2025.02 | | 2025.03 | | 2025.04 | | 2025.05 | | 2025.06 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 亿美元 | 亿SDR | 亿美元 | 亿SDR | 亿美元 | 亿SDR | 亿美元 | 亿SDR | 亿美元 | 亿SDR | 亿美元 | 亿SDR | | | 100million | 100million | 100million | 100million | 100milli ...

Group 1 - As of July 2025, China's foreign exchange reserves stood at $329.22 billion, a decrease of $25.2 billion from the end of June, marking a decline of 0.76% [1][5] - This is the first decline in foreign exchange reserves after six consecutive months of increase, with the previous six months showing increases of $6.679 billion, $18.2 billion, $13.441 billion, $41 billion, $3.6 billion, and $32.2 billion respectively [5] - The decline in reserves is attributed to factors such as exchange rate adjustments and changes in asset prices, influenced by macroeconomic data and monetary policy expectations from major economies [2][5] Group 2 - The People's Bank of China has increased its gold reserves for the ninth consecutive month, with gold reserves reaching 7.396 million ounces (approximately 2300.41 tons) by the end of July, an increase of 6,000 ounces from the previous month [2][5] - In the second quarter of 2025, global central banks net purchased 166 tons of gold, indicating a continued strong demand for gold despite a slight slowdown in purchasing pace [5][6] Group 3 - The spot price of gold reached $3,390 per ounce on August 7, 2025, reflecting a 3% increase over the past week [7][8] - Year-to-date, the spot price of gold has risen over 28%, with a peak of $3,500 per ounce in April 2025 [10] - UBS Wealth Management forecasts a target price of $3,500 per ounce for gold under baseline scenarios, with potential for prices to rise to $3,800 per ounce if geopolitical or economic conditions worsen [10]

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 ...

国家外汇管理局（下称外汇局）8月7日发布的最新统计数据显示，截至2025年7月末，中国外汇储备规 模32922亿美元，较6月末下降252亿美元，降幅为0.76%。目前，中国外汇储备规模已连续第20个月保 持在3.2万亿美元以上。 对于当月外汇储备规模变动，外汇局指出，7月受主要经济体宏观经济数据、货币政策及预期等因素影 响，美元指数上涨，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 储备规模下降。 当天更新的官方储备资产数据显示，2025年7月末，中国官方黄金储备为7396万盎司，较上月末增加6万 盎司。目前，中国央行已连续9个月增持黄金。 外储继续站稳3.2万亿美元 外汇储备是外汇资产，以美元作为记账货币。过去一个月，受主要经济体宏观经济数据、货币政策及预 期等因素影响，美元指数上涨，全球金融资产价格涨跌互现，我国外汇储备规模环比下降。 受当月美国与海外多个发达经济体达成贸易协议推动，以及市场对美联储降息预期下降等因素影响，7 月美元指数明显回升，结束了此前连续5个月的下跌走势。美元指数的回升也导致非美元货币在7月集体 贬值。"由于外储以美元计价，非美货币贬值减少了经汇率折算后的 ...