Core Viewpoint - The recent announcement regarding tax policy adjustments on gold trading in China aims to regulate the market, prevent tax evasion, and support the country's gold reserves and the internationalization of the Renminbi [2][3][14]. Tax Policy Changes - The new tax policy introduces changes in the invoicing and deduction rules for certain gold transactions, shifting from a 13% VAT special invoice (deductible) to a 6% ordinary invoice (non-deductible) [4][5]. - This change increases the cost for merchants, which is expected to be passed on to consumers, leading to higher prices for retail gold purchases [6][7]. Market Impact - The policy divides the gold market into two segments: investment gold transactions remain unaffected by the new tax, while consumer gold purchases face increased taxation [9][10]. - Retail gold companies like Lao Feng Xiang and Chow Tai Fook have seen their stock prices drop, while prices in the Shenzhen market surged to compensate for the new tax [2][10]. Strategic Intent - The government aims to close loopholes in tax collection and guide the market from gold consumption to investment, thereby enhancing the management of gold reserves and supporting the internationalization of the Renminbi [13][14][20]. - The policy addresses past issues of tax evasion where businesses disguised consumer gold as investment gold to avoid taxes, leading to significant revenue losses for the state [15][16]. Future Implications - The new regulations are expected to encourage individuals to invest in gold through more formal channels like banks and ETFs, rather than holding physical gold [19][24]. - This shift is seen as a way to centralize gold reserves, making them easier to manage and providing a stronger backing for the Renminbi's international status [20][25].

对此，王青认为，这是受年初以来美元大幅贬值，美债收益率显著下行，以及全球主要股指上涨的带 动。 11月7日，国家外汇管理局发布的数据显示，截至2025年10月末，我国外汇储备规模为33433亿美元，较 9月末上升47亿美元，升幅为0.14%。 值得注意的是，11月7日，央行发布的数据显示，中国10月末黄金储备为7409万盎司，较上月末增加3万 盎司，为连续第12个月增持黄金。 东方金诚首席宏观分析师王青对《中国经营报》记者表示："当月美元指数上行与全球金融资产价格上 涨形成对冲效应，带动外储规模上升。" 王青认为，近期央行继续增持黄金，是缘于全球政治、经济形势出现新变化，国际金价有可能在相当长 一段时间内易涨难跌。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。 国家外汇管理局方面表示，2025年10月，受主要经济体货币政策及预期、宏观经济数据等因素影响，美 元指数上涨，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。 据民银研究统计，汇率方面，10月份，美元指数上涨2.1%至99.8；而非美货币疲软，欧元、日元、英镑 ...

Group 1 - As of the end of October 2025, China's foreign exchange reserves reached $33,433.43 billion, an increase of $4.7 billion from the end of September, representing a growth rate of 0.14% [1] - The rise in foreign exchange reserves is attributed to the impact of major economies' monetary policies, macroeconomic data, and the overall increase in global financial asset prices, influenced by the appreciation of the US dollar index [1] - The People's Bank of China has been continuously increasing its gold reserves for 12 consecutive months, with a total of 7.409 million ounces as of the end of October, up from 7.406 million ounces at the end of September [2] Group 2 - The recent emphasis on "expanding high-level opening-up" in the 15th Five-Year Plan highlights the commitment to reform and development through openness, which is expected to stabilize cross-border capital flows [2] - The demand for gold as a reserve asset is increasing globally, with gold surpassing the euro to become the second-largest reserve asset for central banks, driven by geopolitical risks and the depreciation of dollar assets [3] - The continuous increase in gold reserves by the central bank signals a strategic move to optimize the international reserve structure and mitigate risks associated with a high proportion of dollar assets [3]

Core Insights - Ghana's total gold reserves reached 38.04 tons as of October 31, 2025, marking an increase of over 35% from 28.1 tons recorded in October 2024 [1] - The Bank of Ghana's gold holdings increased by approximately 7.51 tons from January to October 2024, with a monthly growth rate exceeding 4% [1] - The steady growth in gold reserves is attributed to the domestic gold purchase program initiated in June 2021, aimed at diversifying the central bank's holdings and reducing reliance on the US dollar [1] Summary by Sections - **Gold Reserves Growth** - Ghana's gold reserves increased to 38.04 tons, a significant rise from 28.1 tons in 2024, indicating a robust growth trend [1] - The total gold holdings as of December 2024 were 30.53 tons, reflecting a substantial increase during the year [1] - **Domestic Gold Purchase Program** - The Bank of Ghana's initiative to buy gold directly from local mining companies has been pivotal in enhancing the country's gold reserves [1] - Payments for gold purchases are made in Ghanaian cedis, which helps to mitigate the bank's dependence on the US dollar [1] - **Impact on Currency Stability** - The increase in gold reserves is expected to bolster confidence in the Ghanaian cedi, aiding the central bank in maintaining currency stability and curbing speculative activities in the foreign exchange market [1] - The Bank of Ghana's commitment to enhancing international reserves is seen as crucial for stabilizing the cedi's exchange rate [1]

2025.11. 07 本文字数：2169，阅读时长大约4分钟 作者 | 第一财经 杜川 中国外汇储备余额继续增加，延续了此前两个月的升势。 11月7日，国家外汇管理局统计公布数据显示，截至2025年10月末，我国外汇储备规模为33433亿 美元，较9月末上升47亿美元，升幅为0.14%。值得注意的是，10月末我国外储规模已连续三个月 升至3.3万亿美元之上，较上年末也大幅增加1409.9亿美元。 中银证券全球首席经济学家管涛认为，这是受主要经济体货币政策及预期、宏观经济数据等因素影 响，美元指数走强，非美元货币总体下跌，但全球金融资产价格总体上涨带来的正估值效应。当月， 美元指数震荡上行，累计上涨2.1%至99.8，创8月份以来新高。 同期央行数据显示，10月末黄金储备为7409万盎司，较上月末增加3万盎司。 外储环比上涨47亿美元 受资产价格变化与汇率波动综合影响，10月末外储环比上涨47亿美元至33433亿美元。 由于外储以美元计价，非美货币贬值会降低经汇率折算后的外汇储备规模。 汇率方面，10月份美元指数上涨2.1%至99.8。中国民生银行首席经济学家温彬表示，美联储降息的 同时美元逆势上涨，主要有三 ...

11月7日，金价拉升。截至发稿，现货黄金价格报4010.78美元/盎司，日内涨0.85%。 | 11.07 | | 1268元/克 | жа | | --- | --- | --- | --- | | 11.07 | | 1266元/克 | 涨8 | | 11.07 | 六福珠宝 | 1266元/克 | ਮੁੱਖ | | 11.07 | | 1266元/克 | жа | | --- | --- | --- | --- | | 11.07 | 潮宏基 | 1268元/克 | 持平 | | 11.07 | 老凤祥 | 1263元/克 | 涨7 | | 11.07 | 老庙黄金 | 1263元/克 | 涨7 | | 11.07 | 菜百首饰 | 1235元/克 | 涨7 | | 11.07 | 周六福 | 1261元/克 | 持平 | | 11.07 | 周大生 | 1268元/克 | ਜ਼ਿੰਦਰ | 央行连续第12个月增持黄金 消息面上，11月7日，据中国人民银行发布的最新数据，中国10月末黄金储备报7409万盎司（约2304.457 吨），环比增加3万盎司（约0.93吨），为连续第12个月增持黄金。 | W ...

Core Insights - As of the end of October, China's foreign exchange reserves reached $33,433 billion, an increase of $47 billion from the previous month, marking three consecutive months of growth [1][4] - The increase in reserves is attributed to expectations regarding monetary policies of major economies and macroeconomic data, despite a stronger dollar and depreciation of non-dollar currencies [4] - The People's Bank of China continues to slightly increase gold reserves, which reached 7,409 million ounces, reflecting a strategy to optimize international reserve structure [1][4] Summary by Category Foreign Exchange Reserves - China's foreign exchange reserves stood at $33,433 billion at the end of October, up 0.14% month-on-month [1] - The reserves have shown a recovery trend for three consecutive months after a brief decline in July [4] Gold Reserves - Gold reserves reached 7,409 million ounces, marking the 12th consecutive month of increase [1] - The People's Bank of China is actively increasing gold holdings to optimize the structure of international reserves [1][4] Economic Factors - The growth in foreign exchange reserves is supported by the overall rise in global financial asset prices, which mitigated the negative impact of currency depreciation [1][4] - China's strong economic fundamentals, including resilience and potential, are key factors in maintaining stable foreign exchange reserves [4]

中国外汇储备余额继续增加，延续了此前两个月的升势。 11月7日，国家外汇管理局统计公布数据显 示，截至2025年10月末，我国外汇储备规模为33433亿美元，较9月末上升47亿美元，升幅为0.14%。值 得注意的是，10月末我国外储规模已连续三个月升至3.3万亿美元之上，较上年末也大幅增加1409.9亿美 元。 中银证券全球首席经济学家管涛认为，这是受主要经济体货币政策及预期、宏观经济数据等因素 影响，美元指数走强，非美元货币总体下跌，但全球金融资产价格总体上涨带来的正估值效应。当月， 美元指数震荡上行，累计上涨2.1%至99.8，创8月份以来新高。 同期央行数据显示，10月末黄金储备为 7409万盎司，较上月末增加3万盎司。（第一财经） ...

Core Viewpoint - China's foreign exchange reserves continue to increase, reaching $33,433 billion by the end of October 2025, marking a rise of $47 billion from September, and a significant increase of $1,409.9 billion from the end of the previous year [1] Foreign Exchange Reserves - As of October 2025, China's foreign exchange reserves have risen for three consecutive months, remaining above $3.3 trillion [1] - The increase in reserves is attributed to the impact of asset price changes and exchange rate fluctuations, with a month-on-month rise of $47 billion [1] - The dollar index rose by 2.1% to 99.8 in October, influenced by stronger-than-expected U.S. economic growth and a decline in non-dollar currencies [2] Gold Reserves - China's gold reserves increased by 30,000 ounces (approximately 0.93 tons) to 7,409 million ounces by the end of October, marking the 12th consecutive month of gold accumulation [5] - The increase in gold reserves is seen as a strategy to optimize the structure of foreign exchange reserves and mitigate risks associated with a high proportion of dollar assets [5][8] - Global demand for gold from central banks remains high, with gold surpassing the euro as the second-largest reserve asset [6] Economic Analysis - The current level of foreign exchange reserves is considered moderately sufficient, providing support for maintaining the RMB exchange rate at a reasonable equilibrium [3] - The ongoing geopolitical risks and inflation concerns enhance the investment demand for gold, which is viewed as a hedge against such uncertainties [5][8] - The Chinese economy's stability and potential are fundamental supports for maintaining the foreign exchange reserve scale [8]

21世纪经济报道记者 唐婧 全球资产价格上涨支撑外储 11月7日，国家外汇管理局统计数据显示，截至2025年10月末，我国外汇储备规模为33433亿美元，较9月末上升47亿美元，升幅 为0.14%。这是我国外汇储备连续三月站上3.3万亿美元大关，创2015年12月以来最高。黄金储备方面，央行连续第12个月增持 黄金。同日，央行公布数据显示，10月末黄金储备报7409万盎司（约2304.457吨），环比增加3万盎司（约0.93吨）。 国家外汇局表示，2025年10月，受主要经济体货币政策及预期、宏观经济数据等因素影响，美元指数上涨，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。 东方金诚首席宏观分析师王青告诉记者，汇率和资产价格变化带来的估值效应形成对冲，是10月外汇储备小幅回升的主因。一 方面，10月美元指数上涨1.9%。这会导致我国外汇储备中非美元资产贬值，导致外汇储备规模下降。另一方面，10月以日经225 指数为代表的全球主要股指普遍出现较大幅度上涨，其中 ...