Core Viewpoint - The ICE Dollar Index and Bloomberg Dollar Index experienced declines on November 7, indicating a weakening of the US dollar against other currencies during the week [1]. Group 1 - The ICE Dollar Index fell by 0.17%, closing at 99.567 points, with a cumulative decline of 0.24% for the week [1]. - The Bloomberg Dollar Index decreased by 0.14%, ending at 1219.76 points, with a total drop of 0.09% for the week [1].

Core Insights - China's foreign exchange reserves reached a record high of $33,433 billion as of October 2025, marking a $47 billion increase from September, and maintaining above $3.3 trillion for three consecutive months, the highest level since December 2015 [2][3] - The diversification of China's international reserve assets continues to progress steadily, with gold reserves increasing by 30,000 ounces to 7,409 million ounces, marking the 12th consecutive month of gold accumulation [2][5] Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the strengthening of the US dollar and the overall rise in global financial asset prices, which provided a supportive effect for China's reserves [3] - In October, the US dollar index rose by 2.1% to 99.8, reaching a new high since August, while major global stock indices saw significant increases, contributing to the positive valuation effect on China's foreign reserves [3] - Experts suggest that the current level of foreign reserves is slightly above $3 trillion and is considered adequately sufficient, providing important support for maintaining the RMB exchange rate at a reasonable equilibrium [3][4] Group 2: Gold Reserves - The People's Bank of China increased its gold reserves by 30,000 ounces in October, continuing a trend of accumulation amid high gold prices, which reached a historical peak of $4,294 per ounce before settling around $4,000 [5] - The ongoing accumulation of 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, especially in the context of fluctuating dollar values and geopolitical risks [5]

Core Insights - China's foreign exchange reserves increased for three consecutive months, reaching $33,433.43 billion by the end of October 2025, up by $46.85 billion or 0.14% from September [1] - The People's Bank of China has been increasing its gold reserves for 12 consecutive months, with gold reserves reaching 7.409 million ounces by the end of October, an increase of 3,000 ounces from September [3] Group 1: Foreign Exchange Reserves - As of October 2025, China's foreign exchange reserves stood at $33,433.43 billion, reflecting a monthly increase of $46.85 billion [1] - In the first ten months of this year, China's foreign exchange reserves cumulatively increased by $1,409.86 billion, with notable monthly fluctuations [2] - The increase in reserves is attributed to the strengthening of the US dollar and overall rising global financial asset prices, despite a decline in non-dollar currencies [1][2] Group 2: Gold Reserves - The People's Bank of China has resumed increasing its gold reserves since November last year, continuing this trend for 12 months [3] - The gold reserves increased from 7.406 million ounces at the end of September to 7.409 million ounces at the end of October [3] - This consistent accumulation of gold is seen as a strategic move to bolster the country's financial stability amid external economic fluctuations [3]

Group 1 - The yield on the 10-year U.S. Treasury bond has decreased to below 4.0850%, fully reversing earlier gains as U.S. consumer confidence hits a three-year low [1] - The yield on the 2-year U.S. Treasury bond has fallen below 3.55% [1] - The yield on the 10-year TIPS has retreated to below 1.8150%, while the 2-year TIPS yield remains temporarily above 1.02% [1] Group 2 - The Bloomberg Dollar Index has reached a new daily low [1] - The S&P 500 index has narrowed its decline to 0.54%, while the Nasdaq Composite index initially dropped by 1.53% but has since reduced its loss to less than 1% [1] - Spot gold remains steady above $3990, with an intraday gain of nearly 0.4% [1] - Bitcoin has turned positive, returning above $101,000 [1]

11月7日，国家外汇管理局披露，截至2025年10月末，我国外汇储备规模为33433亿美元，较9月末增长近47亿美元， 升幅为0.14%。 全球股债双强对外储形成支撑 国家外汇管理局相关负责人表示，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。 10月份，外汇储备余额延续了此前两个月的升势。管涛分析认为，近期美元指数走强，非美元货币总体下跌。10月 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，人民币在主要非美货币中表现相对强 势，中间价和在岸即期汇率累计分别升值175个、51个基点，期间在岸即期汇率一度升破7.10，为2024年11月5日以 来的首次。 中银证券全球首席经济学家管涛分析认为，外汇储备余额延续了此前两个月的升势，缘于主要经济体货币政策及预 期、宏观经济数据等因素影响，在美元指数走强和非美元货币总体下跌的情况下，全球金融资产价格总体上涨，并 带来正估值效应。 东方金诚首席宏观分析师王青表示，10月末我国外储规模已连续3个月升至3.3万亿美元之 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - The ADP employment figures in the US in October significantly exceeded expectations, reversing the downward trend from the previous month's revised data, indicating signs of stabilization in the labor market, and the ISM Services PMI reached a new high in nearly 8 months. However, due to the ongoing government shutdown in the US and the delay in official data release, the market has concerns about the economic and employment outlook, and the expectation of an interest rate cut in December remains volatile [2]. - Despite being affected by overseas markets, A - shares showed resilience. The index remained in the consolidation range after breaking through 4000 points. The Shanghai Composite Index rose nearly 1% this week, returning to the 4000 - point level. The large - cap broad - based indices were relatively stronger, with the Shanghai 50 and CSI 300 rising about 0.8% for the week, leading the CSI 500 and CSI 1000 [2]. - The trading volume this week decreased significantly compared to last week, with the average daily volume less than 2 trillion. The inflow of margin trading slowed down, and the market entered a phase of volume - contraction game [2]. - The "dividend + micro - cap" old dumbbell structure returned in terms of style. The CSI Dividend and micro - cap stock indices led the core indices, while the Beijing Stock Exchange and Sci - tech Innovation Board lagged behind [2]. - The basis of all varieties weakened slightly compared to last week. The premium of IH narrowed to less than 1%, and the annualized discounts of IF, IC, and IM reached 2.5%, 9.9%, and 12.7% respectively, still at the lower quartile in the past three years. The near - end of the term structure declined slightly, with little overall change from last week, and long - short diversified hedging can still be maintained [2]. 3) Summary by Relevant Catalogs Weekly Forecast Conclusion of Basis Direction - This week's model predicts that the basis of IH, IF, IC, and IM will move in the directions of strengthening, weakening, strengthening, and weakening respectively next week [4]. Recent Forecast Conclusion - Specific data on the predicted basis changes of IH, IF, and IC are provided, but the information is presented in a somewhat disorganized manner in the text [3]. This Week's Review - The ADP employment data in the US in October reversed the previous decline, and the ISM Services PMI reached a new high, but market concerns persisted due to the government shutdown and data delay. The A - share market showed resilience despite overseas shocks, with the index rising and the large - cap broad - based indices performing better. The trading volume decreased, and the "dividend + micro - cap" style returned. The basis of all varieties weakened slightly [2].

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） ...

Group 1 - As of October 2025, China's foreign exchange reserves reached 33,433 billion USD, an increase of 4.7 billion USD from the end of September, representing a growth rate of 0.14% [1] - The rise in foreign reserves is attributed to the combined effects of asset price changes and exchange rate fluctuations, with the dollar index increasing by 2.1% to 99.8 in October [1] - The Federal Reserve's interest rate cuts have led to a rise in dollar-denominated global bond indices by 0.8% and the S&P 500 index by 2.3%, while the Nikkei index surged by 16.6%, reaching a historical high [1] Group 2 - The recent guidelines from the Central Committee emphasize the importance of "expanding high-level opening up," highlighting the commitment to reform and development through openness [2] - In promoting trade innovation, there is a focus on market diversification, optimizing goods trade, and cultivating new growth points, with exports expected to play a stabilizing role in cross-border capital flows [2] - The guidelines also stress the need for orderly cross-border layout of industrial and supply chains, establishing a foundation for the basic balance of international payments in capital projects [2]

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。 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下，当月外汇储备规模上升。 图片来源：视觉中国 来源：北京日报客户端 记者：潘福达 资产价格方面，10月份，美联储降息推动以美元标价的已对冲全球债券指数上涨0.8%，美国标普500指 数上涨2.3%。高市早苗上任，财政政策蓄势待发，刺激日经指数上涨16.6%，创历史新高。欧元区经济 缓慢修复，欧洲斯托克指数上涨2.6%。全球股债双强对外储形成支撑。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。 东方金诚首席宏观分析师王青同样分析称，10月末外储规模变化不大，主要是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，带动外储规模微幅上升。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，背后主要是受年初 ...

Core Points - As of the end of October 2025, China's foreign exchange reserves reached $33,433 billion, an increase of $47 billion from the end of September, representing a growth rate of 0.14% [1][2] - The gold reserves stood at 74.09 million ounces, and when calculated in Special Drawing Rights (SDR), the foreign exchange reserves amounted to 24,612.45 billion SDR [1] - The increase in foreign exchange reserves is attributed to the monetary policies and expectations of major economies, as well as macroeconomic data, leading to a stronger US dollar index and a general decline in non-dollar currencies [1][2] Economic Insights - The US dollar index rose by 2.1% to 99.8, marking a new high since August, which contributed to the positive valuation effect on global financial assets [1] - The recent guidelines from the Central Committee emphasize the importance of high-level opening up, which reflects a commitment to reform and development through openness [2] - The focus on trade innovation includes promoting market diversification, optimizing and upgrading goods trade, and fostering new growth points, indicating that exports will play a stabilizing role in cross-border capital flows [2] Investment Environment - The State Administration of Foreign Exchange (SAFE) highlighted the stability and potential of the Chinese economy, suggesting that the conditions for maintaining a stable foreign exchange reserve scale remain unchanged [2] - The approach to foreign investment includes ensuring both access and operational facilitation, which is expected to lay a foundation for the basic balance of international payments in capital projects [2]