Core Viewpoint - China's foreign exchange reserves reached $333.87 billion by the end of September 2025, marking a $16.5 billion increase from August, the highest level since December 2015 [1][3]. Group 1: Foreign Exchange Reserves - As of September 2025, China's foreign exchange reserves increased by $16.5 billion, or 0.5%, compared to the end of August [1][3]. - The rise in reserves is attributed to fluctuations in major economies' macroeconomic data, monetary policies, and overall global financial asset price increases [3]. - The U.S. dollar index remained stable at 97.8, with the market having already priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [3]. Group 2: Gold Reserves - By the end of September, China's official gold reserves stood at 74.06 million ounces (approximately 2,303.523 tons), an increase of 40,000 ounces (about 1.24 tons) from the previous month [4]. - The People's Bank of China has increased its gold reserves for 11 consecutive months, although the recent increase is lower than the previous months' increments of 60,000 to 70,000 ounces [4]. - The short-term outlook for gold prices is positive, with a cumulative increase of over 10% in September, the largest monthly gain in 14 years [4]. Group 3: Economic Outlook - The international trade environment is stabilizing, with ongoing U.S.-China trade negotiations and a reduction in tariff rates for most economies [5]. - China's financial market is gradually opening up, enhancing the attractiveness of its domestic securities market to foreign investors [5]. - The overall economic stability and progress in high-quality development in China are expected to support the stability of foreign exchange reserves [5].

Group 1 - As of September 2025, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion from the end of August, representing a growth rate of 0.5%. The gold reserves stood at 74.06 million ounces, with foreign exchange reserves equivalent to 24,352.47 billion SDR [1][2] - The chief economist of China Minsheng Bank, Wen Bin, noted that the Federal Reserve's decision to cut interest rates by 25 basis points in September, due to weak employment data, led to a rise in global asset prices and a fluctuation in the dollar [1] - Senior researcher at the National Financial and Development Laboratory, Pang Ming, indicated that gold prices rose over 10% in September, and while the central bank continued to increase gold reserves, the scale of increase was slightly lower than in previous months, reflecting a balance between optimizing reserve structure and managing investment costs [1] Group 2 - Wen Bin believes that the steady progress in China-U.S. trade negotiations and reduced uncertainty in the international trade environment, along with the diversification of trade partners and optimization of export goods structure, will help maintain stable cross-border capital flows [2] - The ongoing expansion of China's financial market opening and the broadening of cross-border investment and financing channels are expected to enhance the attractiveness of the domestic securities market to foreign capital [2] - China's economy is maintaining overall stability and progressing steadily, achieving new results in high-quality development, which is beneficial for keeping the scale of foreign exchange reserves stable [2]