来源：华夏时报 如此背景下，我国央行仍持续小幅增持黄金，在王青看来，这背后释放出优化国际储备的信号。 他表示，截至2025年11月末，在主要由外汇储备和黄金储备构成的官方国际储备中，黄金储备的占比约 为9.5%，明显低于15%左右的全球平均水平。从优化国际储备结构角度出发，未来仍需持续增持黄金储 备，适度减持美债。 近日，央行公布的数据显示，截至2025年12月末，我国黄金储备为7415万盎司。 《华夏时报》记者注意到，这也是我国官方黄金储备连续第14个月增加，不过，从环比增加3万盎司的 规模来看，我国官方黄金储备单月环比增加规模已连续第10个月处于低位。对此，东方金诚首席宏观分 析师王青对《华夏时报》记者表示，这符合市场预期。 "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。"王青表示，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必要性上升。 值得一提的是，世界黄金协会（WGC）最新公布的数据显示，截至2025年11月底（少部分国家数据截 至2025年10月底），美国海外全球官方黄金储备 ...

近日，央行公布的数据显示，截至2025年12月末，我国黄金储备为7415万盎司。 我国央行最新披露的数据显示，截至2025年12月末，我国黄金储备为7415万盎司，较上月末的7412万盎 司增加3万盎司。 王青对此表示，伴随美联储持续降息，全球地缘政治风险居高不下，近期国际金价延续快速上涨势头， 2025年12月央行增持黄金规模继续处于2024年11月恢复增持以来的最低水平。 《华夏时报》记者注意到，这也是我国官方黄金储备连续第14个月增加，不过，从环比增加3万盎司的 规模来看，我国官方黄金储备单月环比增加规模已连续第10个月处于低位。对此，东方金诚首席宏观分 析师王青对《华夏时报》记者表示，这符合市场预期。 "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。"王青表示，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必要性上升。 值得一提的是，世界黄金协会（WGC）最新公布的数据显示，截至2025年11月底（少部分国家数据截 至2025年10月底），美国海外全球官方黄金储备总量已超过9亿金衡盎 ...

Group 1 - As of December 2025, China's foreign exchange reserves reached $33,579 billion, an increase of $115 billion from the end of November, marking a rise of 0.34% and the highest level since December 2015 [1] - The increase in foreign exchange reserves is attributed to factors such as the decline in the US dollar index and fluctuations in global financial asset prices, with the dollar index falling by 1.1% to 98.3 in December 2025 [1] - China's trade surplus in goods exceeded $1 trillion for the first time in the first eleven months of 2025, indicating strong performance in the foreign trade sector [1] Group 2 - As of the end of 2025, China's gold reserves amounted to 7.415 million ounces, an increase of 30,000 ounces from the end of November, marking the 14th consecutive month of gold accumulation [2] - The proportion of gold reserves in China's official international reserves is approximately 9.5%, significantly lower than the global average of around 15% [2] - The central bank's strategy to increase gold reserves is seen as a move to enhance the credibility of the sovereign currency and support the gradual internationalization of the renminbi [2]

王青进一步分析，央行在国际金价持续大幅攀升、屡创历史新高的背景下，坚持小幅持续增持黄金，释 放出主动优化国际储备结构的明确信号。从数据来看，截至2025年11月末，在以外汇储备和黄金储备为 核心构成的官方国际储备中，黄金储备占比仅约9.5%，显著低于全球15%左右的平均水平。基于此，未 来央行仍需通过持续增持黄金、适度减持美债，进一步优化储备资产配置。 2025年全年，中国黄金储备累计增加86万盎司。中国人民银行1月7日更新的官方储备资产数据显示，截 至2025年末，我国黄金储备规模达7415万盎司，较2025年11月末环比增加3万盎司。值得关注的是， 2025年全年12个月，央行均保持连续增持黄金的态势，增持动作从未间断。 具体来看，2025年1至12月，中国央行各月黄金增持量分别为16万盎司、16万盎司、9万盎司、7万盎 司、6万盎司、7万盎司、6万盎司、6万盎司、4万盎司、3万盎司、3万盎司及3万盎司。事实上，央行本 轮黄金增持周期始于2024年11月，截至2025年末已实现连续14个月增持。回溯历史，央行曾完成18个月 的连续增持，后于2024年5月暂停增持操作，同年11月重启增持进程并持续至今。 东 ...

Group 1 - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, reflecting a growth rate of 0.09% [1] - The increase in foreign exchange reserves is attributed to the stable economic performance of China, which supports the overall stability of the reserves [1][2] - The dollar index fell by 0.29% in November due to expectations of interest rate cuts by the Federal Reserve and rising interest rates in Japan, contributing to the appreciation of non-dollar assets in China's reserves [1][2] Group 2 - China's foreign exchange reserves have remained above $3.3 trillion for four consecutive months, the highest level since December 2015, with a significant increase of $144 billion compared to the end of the previous year [2] - The central bank's limited increase in gold reserves in November suggests a potential for foreign exchange net selling to maintain reserves at a moderate level [2] - The current foreign exchange reserves are considered to be in a moderately sufficient state, providing important support for maintaining the RMB exchange rate and mitigating external shocks [2] Group 3 - The official gold reserves increased to 7.412 million ounces by the end of November 2025, marking the thirteenth consecutive month of increase, although the increment has been low for nine months [2][3] - The central bank's small increase in gold reserves amidst rising international gold prices signals an intention to optimize international reserves [3] - The proportion of gold reserves in China's official international reserves is 8.0%, significantly below the global average of around 15%, indicating a need for continued accumulation of gold reserves [3]

Core Viewpoint - As of October 2025, China's foreign exchange reserves reached $33,433 billion, marking a $47 billion increase from September, the highest level since December 2015, while gold reserves also saw a continuous increase for the 12th month in a row [2][3]. Foreign Exchange Reserves - China's foreign exchange reserves stood at $33,433 billion at the end of October 2025, up by $47 billion or 0.14% from the end of September [2][3]. - The increase in reserves is attributed to the rise in the dollar index and the overall increase in global financial asset prices, which counterbalanced the depreciation of non-dollar assets [4][5]. - The dollar index rose by 1.9% in October, but significant increases in global stock indices, such as a 16.6% rise in the Nikkei 225, contributed to the valuation effect that supported the foreign reserves [4][5]. Gold Reserves - As of the end of October 2025, China's gold reserves increased to 7,409 million ounces (approximately 2304.457 tons), with a month-on-month increase of 3,000 ounces [2][9]. - The value of gold reserves rose to $297.2 billion, accounting for 8.89% of total foreign exchange reserves, marking a historical high [9][10]. - The pace of gold accumulation by the central bank has slowed down this year, with a total increase of 139,000 ounces from January to October 2025, reflecting a strategy of buying on dips rather than chasing high prices [9][10]. Economic Outlook - The recent "14th Five-Year Plan" emphasizes the importance of high-level opening-up, which is expected to stabilize cross-border capital flows and support the foreign exchange reserves [8]. - The strong economic fundamentals of China, including its resilience and potential, are seen as key factors for maintaining stable foreign exchange reserves [8][11]. - The central bank's strategy of increasing gold reserves is viewed as a response to global uncertainties and a means to optimize the international reserve structure, with a focus on enhancing the credibility of the yuan [11].

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]

Core Insights - As of October 2025, China's foreign exchange reserves reached $33,433 billion, marking an increase of $47 billion from September, the highest level since December 2015 [1][3] - 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 2,304.457 tons) as of the end of October, reflecting a month-on-month increase of 30,000 ounces (approximately 0.93 tons) [1][6] Foreign Exchange Reserves - The rise in foreign exchange reserves in October was influenced by the strengthening of the US dollar index, which increased by 1.9%, and significant gains in global financial asset prices, particularly in stock indices [3][4] - The valuation effect from rising asset prices countered the depreciation of non-dollar assets, leading to a slight increase in reserves despite the dollar's strength [4][5] - Major stock indices, including the Nikkei 225, saw substantial increases, with the Nikkei rising by 16.6%, contributing to the positive valuation effect on China's foreign reserves [3][4] Gold Reserves - China's gold reserves increased by $139 billion to $297.2 billion, with the proportion of gold reserves to total foreign exchange reserves rising to 8.89%, a new historical high [6][7] - 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][7] - The PBOC's strategy of gradual accumulation aims to mitigate market volatility and optimize the international reserve structure amid global uncertainties [7][8] Future Outlook - Analysts suggest that the PBOC will continue to increase gold reserves to enhance the credibility of the yuan and support its internationalization, as the current gold proportion remains below the global average of around 15% [8][9] - The emphasis on expanding high-level openness in the "14th Five-Year Plan" indicates a commitment to fostering trade and investment, which will support the stability of foreign exchange reserves [5][8]

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]

Group 1 - As of the end of October 2025, China's foreign exchange reserves reached $33,433.43 billion, an increase of $4.7 billion from the end of September, representing a growth rate of 0.14% [1] - The rise in foreign exchange reserves is attributed to the impact of major economies' monetary policies, macroeconomic data, and the overall increase in global financial asset prices, influenced by the appreciation of the US dollar index [1] - The People's Bank of China has been continuously increasing its gold reserves for 12 consecutive months, with a total of 7.409 million ounces as of the end of October, up from 7.406 million ounces at the end of September [2] Group 2 - The recent emphasis on "expanding high-level opening-up" in the 15th Five-Year Plan highlights the commitment to reform and development through openness, which is expected to stabilize cross-border capital flows [2] - The demand for gold as a reserve asset is increasing globally, with gold surpassing the euro to become the second-largest reserve asset for central banks, driven by geopolitical risks and the depreciation of dollar assets [3] - The continuous increase in gold reserves by the central bank signals a strategic move to optimize the international reserve structure and mitigate risks associated with a high proportion of dollar assets [3]