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 ...

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。 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。 今年以来外储规模上升1363亿美元 国家外管局解读，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 ...

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。 ...

记者 辛圆 王青在采访中表示，近期央行继续增持黄金，主要原因是美国新政府上台后，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。 国家外汇管理局周二公布统计数据显示，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%。 "近期央行在国际金价大幅上涨、屡创历史新高过程中持续小幅增持黄金，释放了优化外汇储备的清晰 信号。背后是截至2025年9月末，我国官方国际储备资产中黄金的占比为7.7%，明显低于15%左右的全 球平均水平。"王青表示。 东方金诚首席宏观分析师王青对智通财经表示，9月末外储规模出现一定幅度上升，主要受全球金融资 产价格上涨带动。 王青认为，从优化国际储备结构角度出发，未来需要持续增持黄金储备，适度减持美债。此外，黄金是 全球广泛接受的最终支付手段，央行增持黄金能够增强主权货币的信用，为稳慎推进人民币国际化创造 有利条件。 王青表示，受美联储重启降息等带动，9月全球主要股指普遍上行，美债收益率走低，美债价格上扬， 这些都会带动 ...

Group 1 - The People's Bank of China has increased its gold reserves for the tenth consecutive month, reaching 74.02 million ounces by the end of August, up from 73.96 million ounces at the end of July, indicating a strategic shift in reserve management amid changing global political and economic conditions [1] - The increase in gold reserves is driven by a reduced necessity to pause purchases for cost control and a rising demand to optimize international reserve structures [1] Group 2 - In August, it is expected that new credit and social financing in China will show a month-on-month increase, reflecting a positive adjustment in monetary policy to support the real economy [2] - The continued moderate easing of monetary policy is aimed at fostering economic recovery, which may positively influence stock and bond markets and promote domestic consumption and investment growth [2] Group 3 - The majority of universal insurance products have reported settlement rates between 2.5% and 3%, with some reaching 3.5%, indicating a downward adjustment in rates to mitigate potential interest rate risk faced by insurance companies [3] - This trend suggests a need for the industry to optimize asset allocation and innovate product designs to maintain market competitiveness [3] Group 4 - Recent U.S. non-farm employment data has strengthened expectations for an interest rate cut by the Federal Reserve, contributing to a rise in gold prices, which have surpassed $3,600 per ounce [4] - The increase in gold prices is attributed to concerns over the Fed's independence, escalating geopolitical risks, and a weaker dollar, with gold prices rising over 37% this year [4] Group 5 - In the summer of 2025, UnionPay and Internet Union reported a year-on-year increase of 16.64% in payment amounts, processing 2.76996 trillion transactions worth 151.66 trillion yuan, indicating robust growth in the consumption market and the widespread adoption of digital payments [5] - The significant growth in payment amounts reflects enhanced consumer willingness to spend and highlights rapid advancements in China's fintech sector [5]

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].

Group 1 - The central bank's gold reserves increased to 74.02 million ounces by the end of August, marking a continuous increase for the 10th month, although the increment has been low for the last 6 months [1] - The increase in gold reserves is attributed to the expectation of rising international gold prices due to the current global political and economic conditions, leading to a decreased necessity to pause gold purchases [1][2] - As of August 2025, gold accounted for 7.3% of China's official international reserve assets, significantly lower than the global average of around 15%, indicating a need for continued gold accumulation to optimize reserve structure [1] Group 2 - As of the end of August 2025, China's foreign exchange reserves reached $33,221.54 million, an increase of $299.19 million from the end of July, reflecting a rise of 0.91% [4] - The increase in foreign exchange reserves is influenced by the depreciation of the US dollar index and the overall rise in global financial asset prices, supported by China's robust economic fundamentals and diverse trade structure [4] - Factors such as enhanced attractiveness of RMB assets to international capital and a stable international balance of payments contribute to maintaining the stability of foreign exchange reserves [4]

Group 1 - As of the end of August 2025, the official gold reserves have increased for the 10th consecutive month, but the increment has been low for the last 6 months, aligning with market expectations [3] - The recent increase in gold reserves by the central bank is driven by the expectation of rising international gold prices due to the current global political and economic situation, making it less necessary to pause gold purchases from a cost control perspective [3] - The proportion of gold in China's official international reserve assets is 7.3%, significantly lower than the global average of around 15%, indicating a need for continued accumulation of gold reserves to optimize the reserve structure [3] Group 2 - The central bank's strategy to increase gold reserves is also aimed at enhancing the credibility of the sovereign currency and facilitating the cautious internationalization of the Renminbi [3] - The central bank's gold accumulation is seen as a long-term direction, influenced by the changing international environment and the need to respond to these changes effectively [3]

Group 1 - The World Gold Council's report indicates that global gold demand reached 1249 tons in Q2 2025, a 3% year-on-year increase, driven by high gold prices and increased investment demand [1] - Gold ETF investments significantly contributed to the total demand, with global inflows reaching 170 tons in Q2, and a total of 397 tons for the first half of the year, the highest since 2020 [1] - Investment in gold bars and coins also saw an 11% year-on-year increase, totaling 307 tons in Q2, with Chinese demand surging by 44% to 115 tons, marking the highest Q2 demand since 2013 [1] Group 2 - Central bank gold purchases remained high, with an increase of 166 tons in Q2, and the People's Bank of China has been increasing its gold reserves for nine consecutive months [2] - A significant majority of surveyed central banks expect to increase their gold reserves in the next 12 months, driven by geopolitical uncertainties and weakening confidence in the dollar [2] - China's gold reserves currently account for 7% of its official international reserves, which is below the global average of around 15%, indicating a potential need for further accumulation of gold [2] Group 3 - Gold is viewed as an irreplaceable asset for hedging against risks, inflation, and for long-term value retention, maintaining its appeal in the current economic climate [3] - The demand for gold is expected to remain strong in the second half of the year due to ongoing geopolitical and economic uncertainties, alongside potential interest rate cuts [3]