【导读】今年1月外储规模环比上升1.23%，央行连续15个月增持黄金 2月7日，国家外汇管理局最新数据显示，截至2026年1月末，我国外汇储备规模连续6个月稳定在3.3万亿美元以上。同时，央行连续15个月增持黄金。 外储规模继续稳定在3.3万亿美元以上 数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升幅为1.23%。 国家外汇管理局表示，2026年1月，受主要经济体财政政策、货币政策及预期等因素影响，美元指数下跌，全球主要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，发展韧性进一步彰显，为外汇储备规模保持基本稳定提供支撑。 民生银行首席经济学家温彬分析称，1月份，受多重因素叠加影响，美元延续弱势：一是特朗普在委内瑞拉、伊朗、格陵兰岛等多地开展或威胁军事打击 加剧了地缘政治风险，美元信用风险高企。二是特朗普暗示对美元贬值持开放态度，引发市场抛售潮。此外，美联储委员释放鹰派信号，加之沃什当选美 联储主席的预期发酵，美债震荡上行，全球资产价格整体上涨。 "随着跨境投融资便利化政策持续加码，资本市场 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】今年1月外储规模环比上升1.23%，央行连续15个月增持黄金 中国基金报记者 张玲 2月7日，国家外汇管理局最新数据显示，截至2026年1月末，我国外汇储备规模连续6个月稳定在3.3万 亿美元以上。同时，央行连续15个月增持黄金。 外储规模继续稳定在3.3万亿美元以上 数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升 幅为1.23%。 国家外汇管理局表示，2026年1月，受主要经济体财政政策、货币政策及预期等因素影响，美元指数下 跌，全球主要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，发展韧性进一步彰显，为外汇储备规模保持基本稳定提供支撑。 民生银行首席经济学家温彬分析称，1月份，受多重因素叠加影响，美元延续弱势：一是特朗普在委内 瑞拉、伊朗、格陵兰岛等多地开展或威胁军事打击加剧了地缘政治风险，美元信用风险高企。二是特朗 普暗示对美元贬值持开放态度，引发市场抛售潮。此外，美联储委员释放鹰派信 ...

Group 1 - The central bank has increased its gold reserves for the tenth consecutive month, with the latest figure at 74.02 million ounces, up from 73.96 million ounces in July [4] - As of the end of August, China's foreign exchange reserves reached $3.322154 trillion, an increase of $29.9 billion or 0.91% from the end of July, marking the highest level since January 2016 [2] - Analysts expect gold prices to rise in the medium to long term, and the central bank is likely to continue its trend of purchasing gold [1][5] Group 2 - The increase in foreign exchange reserves is attributed to factors such as the decline in the US dollar index and rising global financial asset prices, influenced by expectations of interest rate cuts by the Federal Reserve [2][3] - The current level of foreign exchange reserves is considered to be at a moderately sufficient level, providing support for the stability of the RMB exchange rate amid external uncertainties [3] - The central bank's strategy includes optimizing the structure of international reserves by increasing gold holdings while potentially reducing US Treasury holdings [6] Group 3 - The recent surge in international gold prices, with spot gold reaching a high of $3,600.18 per ounce, reflects the impact of the Federal Reserve's interest rate cut expectations [4] - The demand for gold from central banks remains optimistic, with a reported increase of 166 tons in global official gold reserves in the second quarter of 2025 [4][5] - Analysts predict that gold prices will continue to perform well, with mid-year price targets ranging from $3,627 to $3,816 per ounce depending on market conditions [6]

Core Viewpoint - As of the end of July 2025, China's foreign exchange reserves stood at $329.22 billion, reflecting a decrease of $25.2 billion or 0.76% from the end of June 2025. The People's Bank of China has continued to increase its gold reserves for the ninth consecutive month, reaching 7.396 million ounces (approximately 2300.41 tons) [1][4][6]. Foreign Exchange Reserves - The foreign exchange reserves decreased due to a combination of factors including the rise of the US dollar index, which increased by 3.2% in July, and fluctuations in global financial asset prices [4][5]. - The reserves are considered to be at a moderately sufficient level, with expectations for stability in the future despite external volatility [5][6]. Gold Reserves - The People's Bank of China reported an increase of 60,000 ounces (approximately 1.86 tons) in gold reserves, marking the ninth consecutive month of growth since November 2024 [6][7]. - The current gold reserves account for 7.0% of China's official international reserve assets, which is significantly lower than the global average of around 15% [6][7]. - Analysts suggest that the ongoing increase in gold reserves is driven by the need to optimize the international reserve structure and to enhance the credibility of the sovereign currency, which supports the gradual internationalization of the Renminbi [7].

Core Insights - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 billion from May, representing a growth rate of 0.98% [1] - China's gold reserves stood at 7.39 million ounces (approximately 2,298.55 tons) at the end of June, with a month-on-month increase of 70,000 ounces (about 2.18 tons), marking the eighth consecutive month of gold accumulation [1] - The increase in foreign exchange reserves is attributed to the decline in the US dollar index and the overall rise in global financial asset prices, influenced by macroeconomic policies and growth prospects of major economies [1] Foreign Exchange Reserves - The current foreign exchange reserve level is considered moderately sufficient, slightly above $3 trillion, and is expected to remain stable in the short term [1] - The adequate level of foreign reserves is crucial for maintaining the RMB exchange rate at a reasonable equilibrium and serves as a buffer against potential external shocks [1] Gold Reserves - The official gold reserves have been increasing for eight consecutive months, but the incremental growth has been low for the fourth month in a row [1] - The recent easing of international trade tensions has weakened safe-haven demand, leading to slight adjustments in international gold prices, although they remain high [1] Future Outlook - The central bank's continued accumulation of gold is driven by changes in the global political and economic landscape following the new US administration, suggesting that gold prices may remain high for an extended period [2] - As of June 2025, gold accounts for 7.0% of China's official international reserve assets, significantly lower than the global average of around 15%, indicating a need for continued gold accumulation and a potential reduction in US Treasury holdings [2] - Increasing gold reserves is seen as a way to enhance the credibility of the sovereign currency and facilitate the internationalization of the RMB, aligning with the need to optimize the structure of international reserves [2]

黄金储备方面，4月末，中国黄金储备报7377万盎司，环比增加7万盎司，为连续第六个月增持黄金。 东方金诚首席宏观分析师王青表示，4月特朗普政府在全球范围内推出"对等关税"，美国衰退预期升 温，资金流向非美市场，导致当月美元指数大幅下跌约4.4%。美元下跌会导致我国外储中非美元资产 价格上涨。估计4月这一因素带动外储规模上升约500亿美元。与此同时，4月美国推出"对等关税"后， 全球资本市场剧烈波动。其中，主要市场股指多现下行。这抵消了美债收益率走低、美债价格上涨带来 的影响，对我国外储资产估值会有小幅下拉作用。 "按不同标准测算，当前我国高于3万亿美元的外储规模都处于适度充裕水平。"王青表示，短期内美元 指数下行和全球金融市场下跌还将形成对冲效应，我国外储规模有望保持基本稳定。这将为保持人民币 汇率处于合理均衡水平提供坚实基础，成为抵御各类潜在外部冲击的压舱石。 【大河财立方 记者 杨萨】5月7日，国家外汇管理局统计数据显示，截至2025年4月末，我国外汇储备规 模为32817亿美元，较3月末上升410亿美元，升幅为1.27%。央行数据显示，4月末黄金储备7377万盎 司，环比增加7万盎司。 2025年4月， ...