Core Insights - Gold has surpassed the euro to become the second-largest international reserve asset after the US dollar, with global gold reserves exceeding US Treasury holdings for the first time since 1996, excluding the US [1][5] - As of the end of August, China's foreign exchange reserves reached $332.22 billion, marking a 0.91% increase from the end of July and the highest level since January 2016 [2][3] - The People's Bank of China has increased its gold reserves for ten consecutive months, with a net addition of 60,000 ounces in August, raising the proportion of gold in foreign reserves to a historical high of 7.64% [4][5] Foreign Exchange Reserves - China's foreign exchange reserves have seen a significant increase, with a total of $332.22 billion as of August, up by $29.92 billion from July [2][3] - The rise in reserves is attributed to multiple factors, including a decline in the US dollar index and an increase in global asset prices, which positively impacted the valuation of non-dollar assets held by China [2][3] - The foreign exchange reserves increased by $119.8 billion compared to the end of the previous year, indicating a stable outlook for future reserves [3] Gold Reserves - As of the end of August, China's official gold reserves stood at 7.402 million ounces, with a total value of $253.8 billion, reflecting a $9.9 billion increase [4][5] - The increase in gold reserves is part of a broader strategy to optimize the structure of international reserve assets, with gold now being a significant component [4][5] - The pace of gold accumulation has slowed, with the central bank managing costs amid rising international gold prices, which increased by 3.9% in August [5] Renminbi Exchange Rate - The renminbi has shown a strong upward trend, with the exchange rate against the US dollar reaching a yearly low of 7.126 in late August [6] - The appreciation of the renminbi is driven by both external factors, such as a weakening US dollar index, and internal factors, including strong domestic equity market performance [6][7] - Analysts expect the renminbi to maintain a strong performance in the near term, with potential support from continued demand for currency exchange as the year-end approaches [7]

本报记者 刘琪 9月7日，国家外汇管理局（以下简称"外汇局"）公布2025年8月末外汇储备规模数据。数据显示，截至2025年8月末，我国 外汇储备规模为33222亿美元，较7月末上升299亿美元，升幅为0.91%。 外汇局表示，2025年8月份，受主要经济体货币政策预期、宏观经济数据等因素影响，美元指数下跌，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。 中银证券全球首席经济学家管涛在接受《证券日报》记者采访时表示，截至8月底，中国外汇储备余额再次刷新2016年以 来新高，表明中国防范化解各种冲击的能力继续提升。 从汇率来看，Wind资讯数据显示，8月份，美元指数下跌2.21%。非美货币普遍升值，其中，日元、欧元、英镑对美元汇 率分别上涨2.46%、2.37%、2.25%。由于外储以美元计价，非美货币升值增加了经汇率折算后的外汇储备规模。 此外，9月7日更新的黄金储备数据显示，截至8月末，我国黄金储备为7402万盎司（2538.43亿美元），较7月末增加6万盎 司，我国央行已经连续第10个月增持黄金。 管涛认为，在外部环境复杂程度明显提升背景下，中国国际储备资产多元化 ...

Group 1: Foreign Exchange Reserves - As of August 2025, China's foreign exchange reserves reached $3.3222 trillion, an increase of $29.9 billion from the end of July, marking a rise of 0.91% and the highest level since January 2016 [1][5] - The increase in foreign exchange reserves is attributed to the depreciation of the US dollar, lower US Treasury yields, and rising global stock indices, indicating a robust economic performance in China [1][5][6] - The current level of foreign reserves is considered "adequately abundant," providing essential support for maintaining the RMB exchange rate at a reasonable equilibrium and acting as a buffer against external shocks [1][5][6] Group 2: Gold Reserves - The People's Bank of China has increased its gold reserves for the tenth consecutive month, with reserves reaching 7.402 million ounces (approximately 2302.28 tons) as of August, an increase of 60,000 ounces [2][8] - The value of gold reserves rose by $9.858 billion to $253.843 billion, with the proportion of gold reserves in total foreign exchange reserves increasing to 7.64%, a historical high [2][8] - The trend of increasing gold reserves is driven by geopolitical uncertainties and the need to optimize the international reserve structure, with expectations that central banks globally will continue to increase their gold holdings [2][9][10]

Core Viewpoint - As of the end of August, China's foreign exchange reserves reached a record high of $3.3222 trillion, marking a 0.91% increase from the previous month, while the country continued to increase its gold reserves for the tenth consecutive month, adding 60,000 ounces to reach 74.02 million ounces [1][4]. Foreign Exchange Reserves - China's foreign exchange reserves increased by $29.9 billion in August, recovering from a brief decline in July and continuing the upward trend observed in the first half of the year [1][2]. - The increase in reserves is attributed to the depreciation of the US dollar, which fell by 2.2% to an index of 97.8, leading to appreciation of non-USD currencies and a positive valuation effect on global financial assets [2][3]. - The average daily foreign exchange trading volume in the domestic interbank market reached $39.9 billion, the highest in three months, indicating stable market expectations for the exchange rate [3]. Gold Reserves - China's gold reserves increased by $9.9 billion to $253.8 billion, with the proportion of gold reserves to total foreign exchange reserves rising to 7.64%, a historical high [4][5]. - The increase in gold prices, which rose by 3.9% in August, reflects a broader trend of central banks globally diversifying their reserve assets amid geopolitical uncertainties and fluctuating US policies [6][7]. - Analysts predict that China will continue to increase its gold holdings to optimize its international reserve structure, as the current gold proportion remains below the global average of around 15% [7][8].

Core Insights - China's foreign exchange reserves reached a new high of $3.3 trillion as of August 2025, marking the highest level since January 2016 [1][3] - The increase in reserves is attributed to a combination of external factors, such as the weakening of the US dollar and rising global asset prices, as well as internal factors like a stable economic foundation and optimized reserve structure [2][5] Foreign Exchange Reserves - As of the end of August, China's foreign exchange reserves stood at $33,221.54 billion, an increase of $299.19 billion from the end of July, representing a growth rate of 0.91% [3] - The rise in reserves is driven by a 2.2% decline in the US dollar index, which has led to an increase in the value of non-dollar assets held in reserves [5][12] - The reserves have increased significantly by $1,198 billion compared to the end of the previous year, indicating a robust upward trend [5] Gold Reserves - China's gold reserves have been on a continuous rise, with a net increase of 60,000 ounces in August, bringing the total to 7.402 million ounces [7] - The proportion of gold reserves in relation to total foreign exchange reserves reached a historical high of 7.64%, reflecting an ongoing optimization of the reserve asset structure [7][10] - The increase in gold reserves is part of a broader strategy to enhance the credibility of the national currency and support the internationalization of the renminbi [10] Renminbi Exchange Rate - The renminbi has shown a strong upward trend, with the exchange rate against the US dollar reaching a low of 7.126, the lowest level of the year [11][12] - The strengthening of the renminbi is supported by a favorable external environment, including a 2.2% decline in the US dollar index, and strong domestic equity market performance attracting foreign investment [12] - Analysts expect the renminbi to maintain a strong performance in the near term, with potential for continued appreciation as year-end approaches [12]

（原标题：21解读｜我国外储重回3.3万亿美元大关 黄金储备"十连涨"） 21世纪经济报道记者 唐婧 北京报道 9月7日，国家外汇管理局统计数据显示，截至2025年8月末，我国外汇储备规模为33222亿美元，较7月 末上升299亿美元，升幅为0.91%。这是我国外汇储备今年第二次站上3.3万亿美元大关，且创下2016年1 月以来新高。 国家外汇局表示，2025年8月，受主要经济体货币政策预期、宏观经济数据等因素影响，美元指数下 跌，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。 我国经济运行稳中有进，展现出强大韧性和活力，为外汇储备规模保持基本稳定提供支撑。 东方金诚首席宏观分析师王青解读称，8月外汇储备升高背后主要是年初以来美元大幅贬值，美债收益 率大幅走低，以及全球主要股指上涨带动。按不同标准测算，当前我国略高于3万亿美元的外储规模都 处于适度充裕水平。在外部环境波动加大的背景下，适度充裕的外储规模将为保持人民币汇率处于合理 均衡水平提供重要支撑，也能成为抵御各类潜在外部冲击的压舱石。 黄金储备方面，央行连续第10个月增持黄金。央行公布数据显示，8月末黄金储备报74 ...