1月7日，国家外汇管理局统计数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11 月末上升115亿美元，升幅为0.34%。这是我国外汇储备连续五个月站上3.3万亿美元大关，续创2015年 12月以来新高。 国家外汇局表示，2025年12月，受主要经济体货币政策、宏观经济数据等因素影响，美元指数下跌，全 球金融资产价格涨跌互现。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。我国不 断巩固拓展经济稳中向好势头，经济长期向好的支撑条件和基本趋势没有改变，有利于外汇储备规模保 持基本稳定。 中银证券全球首席经济学家管涛告诉记者，2025年12月末，中国外汇储备余额继续增加，这主要反映了 主要经济体货币政策及预期、宏观经济数据等因素影响下，汇率折算和资产价格变化带来的正估值效 应。当月，美元指数跌幅扩大，累计下跌1.1%至98.3。 黄金储备方面，央行连续第14个月增持黄金。同日，央行公布数据显示，2025年12月末黄金储备报7415 万盎司（约2306.323吨），环比增加3万盎司（约0.93吨），增持量与上个月持平。事实上，在金价迭创 新高的大背景下，2025年全年，央行增持黄 ...

记者丨 唐婧 编辑丨杨希 1月7日，国家外汇管理局统计数据显示，截至2025年12月末，我国外汇储备规模为33579亿美 元，较11月末上升115亿美元，升幅为 0.34%。这是我国外汇储备连续五月站上3.3万亿美元大 关， 续创2015年12月以来新高。 国家外汇局表示，2025年12月，受主要经济体货币政策、宏观经济数据等因素影响，美元指数 下跌，全球金融资产价格涨跌互现。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。我国不断巩固拓展经济稳中向好势头，经济长期向好的支撑条件和基本趋势没有改 变，有利于外汇储备规模保持基本稳定。 资产价格变化与汇率波动仍是11月外汇储备规模变化的主因。一般而言，只要当月美元指 数明显下降，多数国家外汇储备规模都会因非美资产折算成美元后的金额增加，出现环比 上升状况，反之亦然。 中银证券全球首席经济学家管涛告诉记者，2025年12月末，中国外汇储备余额继续增加， 这主要反映了主要经济体货币政策及预期、宏观经济数据等因素影响下，汇率折算和资产 价格变化带来的正估值效应。当月，美元指数跌幅扩大，累计下跌1.1%至98.3。 外汇储备压舱石地位更加牢固 东方金诚首席 ...

21世纪经济报道记者 唐婧 北京报道 1月7日，国家外汇管理局统计数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11月末上升115亿美元，升幅为 0.34%。这 是我国外汇储备连续五月站上3.3万亿美元大关，续创2015年12月以来新高。 国家外汇局表示，2025年12月，受主要经济体货币政策、宏观经济数据等因素影响，美元指数下跌，全球金融资产价格涨跌互现。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。我国不断巩固拓展经济稳中向好势头，经济长期向好的支撑条件和基本趋势没有改 变，有利于外汇储备规模保持基本稳定。 资产价格变化与汇率波动仍是11月外汇储备规模变化的主因。一般而言，只要当月美元指数明显下降，多数国家外汇储备规模都会因非美资产 折算成美元后的金额增加，出现环比上升状况，反之亦然。 外汇储备压舱石地位更加牢固 东方金诚首席宏观分析师王青认为，12月末外储规模小幅上升，主要受当月美元指数下跌带动。受美联储降息等影响，12月美元指数下跌 1.2%。这会推动我国外汇储备中非美元资产升值，推高以美元计价的外汇储备规模。 与此同时，12月美联储降息符合市场预期，当月全球 ...

（原标题：外储连续四个月超3.3万亿美元 央行购金节奏整体放缓） 21世纪经济报道记者 唐婧 北京报道 12月7日，国家外汇管理局统计公布数据显示，截至2025年11月末，我国外汇储备规模为33464亿美元， 较10月末上升30亿美元，升幅为0.09%。这是我国外汇储备连续四月站上3.3万亿美元大关，续创2015年 12月以来新高。 国家外汇局表示，2025年11月，受主要经济体宏观经济数据、货币政策预期等因素影响，美元指数下 跌，全球金融资产价格涨跌互现。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。 我国经济保持总体平稳、稳中有进发展态势，为外汇储备规模保持基本稳定提供支撑。 资产价格变化与汇率波动仍是11月外汇储备规模变化的主因。多名受访人士对21世纪经济报道记者指 出，11月末我国外储规模仍然保持基本稳定，主要是因为当月美元指数变化较小，全球金融资产涨跌互 现，整体波动不大。 黄金储备方面，央行连续第13个月增持黄金。同日，央行公布数据显示，11月末黄金储备为7412万盎 司，较上月末增加3万盎司，增持量与上月持平。事实上，在金价迭创新高的大背景下，今年以来，央 行增持黄金的节奏整体呈现 ...

Core Insights - The unprecedented surge in gold's market value, which increased by $10 trillion and rose by 55% over the past 12 months, reflects a profound restructuring of the global monetary order, highlighting the diminishing dominance of the US dollar [2] - The current gold bull market is unique as it defies traditional financial market logic, occurring amidst a stable dollar index and high US stock market levels, driven by a crisis of confidence in the dollar's reliability [2] - Central banks globally are accumulating gold at record speeds, with countries like China, Poland, Turkey, and India increasing their reserves, indicating a strategic shift towards diversifying international reserves away from the dollar [3] Group 1 - The collective action of emerging market countries to increase gold reserves while reducing US Treasury holdings signifies a transition from a unipolar to a multipolar reserve system, marking the end of the dollar's status as the sole core reserve currency [3] - Geopolitical risks, such as the ongoing Russia-Ukraine conflict and instability in the Middle East, are driving nations to seek alternative wealth storage methods beyond sovereign currencies, further supporting gold's price increase [3] - The traditional asset allocation models are failing as government debt in major economies exceeds 300% of GDP, prompting institutional investors to significantly increase their gold allocations as a hedge against extreme risks [4] Group 2 - The current rise in gold prices signifies the most profound transformation of the monetary order since the establishment of the Bretton Woods system, with gold playing a crucial role as a value anchor in the emerging multipolar system [5] - The surge in gold's market value is a correction to the excessive expansion of dollar hegemony and a precursor to the future international monetary system, as central banks adjust their reserve structures and investors rediscover gold's financial attributes [5] - The unprecedented rise in gold is a collective response to the dominance of a single currency, indicating that the hegemony of the dollar is nearing its end, with gold illuminating the new economic landscape in a post-dollar era [5]

Core Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking an increase of $16.5 billion from the end of August, the highest level since December 2015 [1][3] - The increase in reserves is attributed to macroeconomic data, monetary policy changes, and asset price fluctuations, with a stable economic environment supporting the reserves [3][5] Foreign Exchange Reserves - The foreign exchange reserves rose by 0.5% in September 2025, continuing to stay above the $3.3 trillion mark for two consecutive months [1][3] - The 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][4] - Global asset prices generally increased, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [3][4] Gold Reserves - As of September 2025, China's official gold reserves amounted to 74.06 million ounces (approximately 2,303.523 tons), with an increase of 40,000 ounces from the previous month [4][5] - The People's Bank of China has increased its gold holdings for 11 consecutive months, although the increase in September was lower than the previous months' average of 60,000 to 70,000 ounces [4][5] - The rise in gold prices exceeded 10% in September, the largest monthly increase in 14 years, indicating a strong demand for gold amid geopolitical uncertainties [4][5] Economic Outlook - The ongoing trade negotiations and the stabilization of the international trade environment are expected to support China's foreign exchange reserves [5] - The diversification of trade partners and the optimization of export structures are anticipated to enhance the stability of cross-border capital flows [5] - The strategy of increasing gold reserves as part of a diversified international reserve approach is expected to continue, driven by the need for risk management and asset volatility hedging [5]

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].

Core Viewpoint - Recent international gold prices have surged due to factors such as the ongoing U.S. government shutdown crisis, increased market expectations for multiple rate cuts by the Federal Reserve, and persistent geopolitical conflicts globally [5]. Group 1: Gold Price Trends - International gold prices have recently reached historical highs, with forecasts from Goldman Sachs predicting gold prices to rise to $4,900 per ounce by December 2026, up from a previous estimate of $4,300 [5]. - UBS has also released a report indicating a bullish outlook for the gold market, expecting prices to reach $4,200 per ounce by mid-2026, driven by a weaker dollar, significant central bank purchases, and increased ETF investments [5]. Group 2: Central Bank Activities - The People's Bank of China has increased its gold reserves for the 11th consecutive month, reporting a total of 74.06 million ounces as of the end of September, with a month-on-month increase of 40,000 ounces [7]. - The pace of gold reserve increases by the central bank has slowed, with September's increase being the lowest since November 2024, reflecting a balance between optimizing reserve structure and controlling acquisition costs [7][8]. Group 3: Investment Recommendations - Experts suggest that gold should be viewed as a long-term investment and a hedge against inflation, recommending a portfolio allocation of about 5% to 10% in gold for balanced investors [6]. - The average annual return rate for gold since the breakdown of the Bretton Woods system is approximately 8%, indicating its potential as a reliable investment tool over the long term [6].

Core Viewpoint - The article discusses the recent surge in gold prices, with spot gold surpassing $4000 per ounce and a year-to-date increase of over 52%, driven by factors such as the U.S. government shutdown, expectations of multiple rate cuts by the Federal Reserve, and ongoing geopolitical conflicts [1][6]. Gold Price Trends - Spot gold reached $4000.025 per ounce, with a daily increase of 0.39% [2]. - COMEX gold also saw a rise, closing at $4019.9 per ounce, reflecting a similar daily increase of 0.39% [3]. - The highest price recorded for COMEX gold was $4020.9 per ounce [3]. Market Predictions - Goldman Sachs raised its gold price forecast for December 2026 to $4900 per ounce, up from a previous estimate of $4300 [6]. - UBS predicts a bullish trend in the gold market, forecasting a price of $4200 per ounce by mid-2026, citing factors like a weaker dollar and increased central bank purchases [6]. Central Bank Activities - The People's Bank of China (PBOC) has increased its gold reserves for the 11th consecutive month, with a total of 74.06 million ounces as of the end of September, reflecting a month-on-month increase of 40,000 ounces [9][11]. - The pace of gold reserve increases has slowed, with September's addition being the lowest since November 2024, indicating a balance between optimizing reserve structure and controlling acquisition costs [11]. Investment Recommendations - Experts suggest that gold should be viewed as a long-term investment and a hedge against inflation, with a recommended allocation of 5% to 10% in balanced investment portfolios [7][6]. - The article emphasizes the importance of gold in diversifying international reserves and enhancing the credibility of sovereign currencies, particularly in the context of ongoing geopolitical uncertainties [12].

Core Viewpoint - The article highlights the recent surge in gold prices, with spot gold breaking the $3980 mark and New York futures reaching $4000 per ounce, driven by geopolitical tensions and expectations of U.S. Federal Reserve rate cuts [1][4][7]. Gold Price Trends - As of October 7, spot gold reached $3982.740, marking a 0.57% increase, while New York futures rose by 0.61% [1][2]. - The price of gold jewelry also increased, with prices for gold ornaments from various brands rising to approximately 1155-1157 RMB per gram, reflecting a daily increase of 16 RMB [7]. Central Bank Gold Reserves - The central bank has increased its gold reserves for the 11th consecutive month, with September's reserves reported at 74.06 million ounces, an increase of 40,000 ounces from the previous month [2][4]. - The pace of gold accumulation by the central bank has slowed, with September's increase being the lowest since November 2024, indicating a strategic balance between expanding reserves and controlling costs [4][5]. Future Outlook - Analysts predict that gold prices may continue to rise, with Goldman Sachs projecting a price of $4900 per ounce by the end of 2026, up from a previous estimate of $4300 [6][10]. - UBS has also expressed a bullish outlook, forecasting gold prices to reach $4200 per ounce by mid-2026, driven by factors such as a weaker dollar and increased central bank purchases [10]. Investment Strategy - The article suggests that gold serves as a crucial asset for diversification in international reserves, with a recommendation for investors to maintain a 5-10% allocation in gold within their portfolios for risk management [10].