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]

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 Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking a $16.5 billion increase from August, the highest level since December 2015 [1] - The increase in reserves is attributed to macroeconomic data, monetary policy, and asset price changes, with a stable economic environment supporting this growth [1][3] - The People's Bank of China has been increasing its gold reserves for 11 consecutive months, with a total of 7.406 million ounces (approximately 2303.523 tons) as of September, reflecting a strategic balance in reserve optimization [2][3] Foreign Exchange Reserves - The foreign exchange reserves rose by $16.5 billion in September, driven by a combination of asset price changes and currency fluctuations [1] - The dollar index remained stable at 97.8, with the market having priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [1][2] Asset Prices - Global asset prices saw an overall increase, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [2] - The Japanese Nikkei index increased by 5.4%, and the European Stoxx index rose by 1.2%, indicating strong performance in major economies [2] Gold Reserves - The People's Bank of China increased its gold reserves by 40,000 ounces in September, although the increase was lower than previous months [2] - The gold price saw a cumulative increase of over 10% in September, the largest monthly gain in 14 years, indicating strong demand for gold as a safe-haven asset [2][3] Economic Outlook - The ongoing uncertainties in global trade and geopolitical factors are expected to drive continued demand for gold from central banks and investors [3] - China's economic stability and high-quality development are anticipated to support the maintenance of foreign exchange reserves [3]

10月7日，国家外汇管理局披露，截至2025年9月末，我国外汇储备规模为33387亿美元，较8月末上升 165亿美元，升幅为0.5%。 对此，民生银行首席经济学家温彬解读称，9月份，受就业数据疲软影响，美联储如期降息25个基点， 联邦基金利率目标区间下调至4.00%~4.25%，全球资产价格整体上涨，美元则低位震荡。受资产价格变 化与汇率波动综合影响，9月末外储环比上涨165亿美元。进一步看，9月末外汇储备已创2015年12月以 来最高，较上年末也大幅增加1363亿美元。 此外，最新数据显示，9月末黄金储备为7406万盎司，官方黄金储备已连续11个月增加。东方金诚首席 宏观分析师王青指出，近期央行继续增持黄金，主要原因是美国特朗普政府上台后，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。 年内外储升1363亿美元 国家外汇管理局表示，2025年9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 数小幅震荡，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 ...

Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, reflecting an increase of $16.5 billion from the end of August, marking a growth rate of 0.5% [1] Economic Context - The increase in foreign exchange reserves is influenced by macroeconomic data, monetary policy, and expectations from major economies, leading to slight fluctuations in the US dollar index and an overall rise in global financial asset prices [1] - The stability and progress of China's economy, along with achievements in high-quality development, contribute positively to maintaining the stability of foreign exchange reserves [1]

Core Insights - As of the end of August 2025, China's foreign exchange reserves reached 33,222 billion USD, an increase of 29.9 billion USD from the end of July, representing a growth rate of 0.91% [1][4]. Group 1 - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [7]. - The stable performance of China's economy demonstrates strong resilience and vitality, which supports the maintenance of foreign exchange reserves at a stable level [1].

Group 1 - As of the end of August 2025, China's foreign exchange reserves reached 332.22 billion USD, an increase of 29.9 billion USD from the end of July, representing a growth rate of 0.91% [1] - The rise in foreign exchange reserves in August 2025 was influenced by expectations regarding monetary policies of major economies and macroeconomic data, leading to a decline in the US dollar index and an overall increase in global financial asset prices [1] - The stability of China's economic operation, demonstrating strong resilience and vitality, has supported the maintenance of foreign exchange reserves at a stable level [1]

Core Viewpoint - As of the end of August 2025, China's foreign exchange reserves reached 33,222 billion USD, reflecting an increase of 29.9 billion USD from the end of July, marking a growth rate of 0.91% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves increased due to the impact of major economies' monetary policy expectations and macroeconomic data, leading to a decline in the US dollar index and an overall rise in global financial asset prices [1] - The rise in foreign exchange reserves is supported by the stability and resilience of the Chinese economy, which has shown progress [1] Group 2: Economic Indicators - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [1] - The data indicates that the Chinese economy is maintaining a stable performance, which is crucial for sustaining the foreign exchange reserve levels [1]

Group 1 - As of the end of June, China's foreign exchange reserves reached $33,174 billion, an increase of $322 billion from the end of May, marking a rise of 0.98% [2] - The increase in foreign exchange reserves is attributed to the depreciation of the US dollar, which fell by 2.5% to a three-year low of 96.9, leading to a collective appreciation of non-USD currencies [2][3] - The rise in global financial asset prices, including a 1.0% increase in the USD-denominated global bond index and a 5.0% rise in the S&P 500 index, also supported the increase in foreign reserves [2][3] Group 2 - Analysts believe that the significant depreciation of the US dollar has enhanced the valuation of non-USD assets within China's foreign reserves, contributing to the larger increase in reserves for June [3] - The current level of foreign reserves is considered to be at a moderately sufficient level, providing support for maintaining the RMB exchange rate and acting as a buffer against external shocks [3] - China's economy is expected to continue its steady growth, and resilient foreign trade is likely to help maintain the stability of foreign exchange reserves [3] Group 3 - As of the end of June, China's gold reserves amounted to 7.39 million ounces, an increase of 70,000 ounces from the end of May, indicating a continued strategy of increasing gold holdings [4] - The importance of gold as a widely recognized ultimate payment method is increasing, especially in the context of rising geopolitical risks and the diminishing reliability of traditional safe-haven assets like the US dollar [4] - Gold is viewed as a non-sovereign credit reserve asset that can effectively hedge against single currency risks and optimize the structure of foreign exchange reserves [4]