以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 互联网新闻信息服务许可证编号：44120180007 来源|21世纪经济报道 记者|唐婧 编辑|包芳鸣 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。 黄金储备方面，央行连续第12个月增持黄金。同日，央 行公布的数据显示，10月末黄金储备报7409万盎司（约2304.457吨），环比增加3万盎司（约0.93吨）。 | | 中国外汇储备(亿美元) | 中国黄金储备(万盎司) | | | --- | --- | --- | --- | | 34000.00 | | 7420 | 7409 | | | 33433.43 | 7410 | | | 33500.00 | | 7400 | | | | | 7390 | | | 33000.00 | | 7380 | | | 32500.00 | | 7370 | | | | | 736 ...

Core Insights - As of the end of October 2025, China's foreign exchange reserves reached $33,433 billion, marking an increase of $4.7 billion from the end of September, the highest level since December 2015 [1] - The People's Bank of China (PBOC) has increased its gold reserves for the 12th consecutive month, with gold reserves reported at 7.409 million ounces (approximately 2304.457 tons) as of the end of October, an increase of 30,000 ounces [1][5] - The rise in foreign exchange reserves is attributed to the combined effects of currency exchange rate fluctuations and asset price changes, with a notable increase in global financial asset prices [2][3] Foreign Exchange Reserves - The increase in foreign exchange reserves is primarily driven by the valuation effects from changes in exchange rates and asset prices, with the dollar index rising by 1.9% in October [2][3] - Despite the dollar's strength, global stock indices, particularly the Nikkei 225, saw significant gains, which helped offset the potential decline in reserves due to non-dollar asset depreciation [2][3] - The PBOC's statement emphasizes the stability of China's economic fundamentals, which supports the maintenance of foreign exchange reserves [1][4] Gold Reserves - China's gold reserves increased by $13.9 billion to $297.2 billion, with the proportion of gold reserves to total foreign exchange reserves rising to 8.89%, a historical high [6] - The pace of gold accumulation by the PBOC has slowed this year, with monthly increases decreasing from 160,000 ounces in January to 30,000 ounces in October [6] - The global trend of central banks increasing gold holdings is noted, with a total net purchase of 220 tons in Q3 2025, reflecting a 28% increase from Q2 [7] Future Outlook - Analysts suggest that the PBOC will continue to increase gold reserves to optimize the international reserve structure and support the internationalization of the renminbi [8] - The current gold holdings in China's international reserves are significantly below the global average of around 15%, indicating room for further accumulation [8] - The strategy of gradual gold purchases is seen as a way to mitigate market volatility and manage costs effectively [7][8]

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！ 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。黄金储备方面，央行连续 第12个月增持黄金。同日，央行公布的数据显示，10月末黄金储备报7409万盎司（约2304.457吨），环 比增加3万盎司（约0.93吨）。 国家外汇局表示，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，当月外汇储备规模上升。 我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，有利于外汇储备 规模保持基本稳定。 管涛还称，10月，人民币在主要非美货币中表现相对强势，中间价和在岸即期汇率（境内银行间市场下 午四点半交易价）累计分别升值175个、51个基点至7.0880比1、7.1135比1，其间在岸即期汇率一度升破 7.10，为2024年11月5日以来首次。当月，中间价 ...

Core Insights - As of October 2025, China's foreign exchange reserves reached $3.3433 trillion, marking a $4.7 billion increase from September, the highest level since December 2015 [1] - The increase in reserves is attributed to the rise in the US dollar index and overall global financial asset prices, influenced by major economies' monetary policies and macroeconomic data [1] - The US dollar index rose approximately 1.95% in the past month, while major non-USD currencies depreciated against the dollar [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have remained stable above $3.3 trillion for three consecutive months [1] - The increase in reserves is a result of combined effects from exchange rate adjustments and asset price changes [1] - The US Federal Reserve's interest rate decisions and the easing of US-China trade tensions have contributed to the strengthening of the dollar [1] Group 2: Asset Prices and Market Trends - Global stock and bond markets showed overall strength in October, supporting China's foreign exchange reserves [2] - The 10-year US Treasury yield fell by about 5 basis points due to the Fed's rate cuts and increased demand for safe-haven assets [2] - Major stock indices, including the S&P 500 and Nikkei, experienced gains, reflecting high market sentiment [2] Group 3: Gold Reserves - As of October, China's official gold reserves increased to 7.409 million ounces, with a monthly rise of 30,000 ounces, the lowest increase since November 2024 [2] - The People's Bank of China has been gradually increasing gold reserves since March, with monthly additions below 100,000 ounces [2] - The recent trend indicates a potential slowdown in gold purchases by central banks, including China, amid fluctuating gold prices [3] Group 4: Future Outlook - The foreign exchange authority emphasizes the stability of China's economic fundamentals, which are expected to support the stability of foreign exchange reserves [2] - The central bank's strategy to optimize international reserves and promote the internationalization of the renminbi suggests continued interest in gold accumulation [3] - The dual nature of gold as both a financial and commodity asset positions it as a key component in diversifying international reserves [3]

本报记者 刘琪 11月7日，国家外汇管理局（以下简称"外汇局"）公布2025年10月末外汇储备规模数据。数据显示，截至2025年10月末， 我国外汇储备规模为33433.43亿美元，较9月末上升47亿美元，升幅为0.14%。 外汇局表示，2025年10月份，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，当月外汇储备规模上升。 民生银行首席经济学家温彬在接受《证券日报》记者采访时表示，10月份，美联储如期降息25个基点，联邦基金利率目标 区间下调至3.75%至4.00%，叠加中美经贸关系缓和，全球资产价格整体上涨，美元亦逆势回升。受资产价格变化与汇率波动综 合影响，10月末外储环比上涨47亿美元至33433亿美元。 外汇局表示，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，有利于外汇储备规模 保持基本稳定。 温彬表示，近期公布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》更加强调了"扩大高水平对外 开放"的地位和作用，凸显了以开放促改革促发展的决心和信心。在推动贸易创新发展方面，强 ...

Core Viewpoint - As of the end of October 2025, China's foreign exchange reserves reached $33,433 billion, marking a $47 billion increase from the end of September, the highest level since December 2015, with reserves remaining above $3.3 trillion for three consecutive months [1][4][5]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves in October was influenced by the monetary policies and expectations of major economies, as well as macroeconomic data, leading to a rise in the US dollar index and overall global financial asset prices [1][5]. - The US dollar index rose approximately 1.95% in the past month, while the euro, yen, and pound depreciated against the dollar by 1.7%, 4%, and 2.2% respectively [5][6]. - Despite the Federal Reserve's interest rate cut in October, the dollar strengthened due to market expectations regarding future rate cuts and geopolitical uncertainties [5][6]. Group 2: Gold Reserves - As of the end of October, China's official gold reserves stood at 7,409 million ounces, with a monthly increase of 3,000 ounces, the lowest growth rate since the resumption of gold purchases in November 2024 [1][9]. - The People's Bank of China has been incrementally increasing its gold reserves for 12 consecutive months, signaling a strategy to optimize international reserves [8][10]. - Recent fluctuations in the gold market saw prices briefly exceed $4,000 per ounce before retreating, with expectations of a slowdown in gold purchases by central banks due to various market factors [11].

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，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(约合人民币9700亿元)。 此外，最新数据显示，中国9月末黄金储备报7406万盎司(约2303.523吨)，环比增加4万盎司(约1.24吨)，为连续第11个月增持黄 金。 今年以来，黄金价格暴涨，截至发稿，纽约黄金期货报3985.97美元/盎司，盘中一度突破4000美元/盎司，年内涨幅已达50%。 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 ...

Core Viewpoint - 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, representing a growth rate of 0.5% [1][4][6] Group 1: Foreign Exchange Reserves - The foreign exchange reserves have reached their highest level since December 2015, with a significant increase of $136.3 billion compared to the end of the previous year [2][4][6] - The increase in reserves is attributed to the rise in global asset prices and the depreciation of the dollar, influenced by the Federal Reserve's decision to cut interest rates by 25 basis points [1][6][7] - The dollar index remained stable, with a slight decrease of 0.03% at the end of September, indicating that previous pressures on the dollar have been largely absorbed [7][6] Group 2: Gold Reserves - As of September 2025, China's gold reserves stood at 74.06 million ounces, marking the 11th consecutive month of increase, although the increment has been at a low level for the past seven months [3][10][12] - The People's Bank of China continues to increase its gold holdings, driven by changes in the global political and economic landscape, and the expectation that international gold prices may remain high for an extended period [3][12][13] - The current proportion of gold in China's international reserves is 7.7%, significantly lower than the global average of around 15%, indicating a need for further accumulation of gold reserves [12][13] Group 3: Economic Context - The overall economic stability and progress in high-quality development in China are favorable for maintaining a stable level of foreign exchange reserves [4][9] - The ongoing diversification of trade partners and optimization of export structures contribute to a stable cross-border capital flow, supporting the foreign exchange reserve levels [9] - The central bank's strategy includes a potential reduction in U.S. Treasury holdings while increasing gold reserves to optimize the structure of international reserves [13]

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！ 我国外汇储备规模站上2015年12月以来新高。 10月7日，国家外汇管理局公布的数据显示，截至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%。国家外汇管理局表示，我国经济保持总体平稳、稳中有进，高质量发展取 得新成效，有利于外汇储备规模保持基本稳定。 | | | | | | | | | | | | 富方储备资产 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | Official reserve assets | | | | | | | | | | 2005.04 | | 2025.02 | | 2005.03 | | 2025-04 | | 2025.06 | | 2005.06 | | 2005-87 | | 2025.06 | | 20 ...

专家表示，黄金是全球广泛接受的最终支付手段，我国央行增持黄金能够为稳慎推进人民币国际化创造 有利条件。从优化国际储备结构、稳慎扎实推进人民币国际化以及应对当前国际环境变化等角度出发， 未来我国央行增持黄金仍是大方向。 经济观察网据上证报，国家外汇管理局数据显示，9月末我国黄金储备为7406万盎司。"我国央行已连续 第11个月增持黄金，增持规模略低于前几个月，显示出我国央行继续在优化储备结构、扩大黄金储备规 模和控制增持成本等目标间保持动态平衡。"庞溟说。 ...