"伴随全球地缘政治风险居高不下，以及美联储持续降息，1月国际金价延续快速上涨势头。"王青表 示，这是当月央行增持黄金规模继续处于偏低水平的原因之一。 （上接1版） 央行购金步伐持续 战略配置与多元化需求凸显 至1月末，我国央行黄金储备为连续第15个月增加，但增量继续处于低位，符合市场预期。 世界黄金协会在近日发布的《全球黄金需求趋势报告》中称，各央行在管理储备资产时，不仅会基于战 略考量，战术性操作也颇为常见。2025年以来，随着金价飙升，中国央行逐步缩减购金规模，这体现了 战术灵活性。但从战略考量来看，中国央行购金行为并未停歇，这或许反映出随着外汇储备持续扩容， 中国对外汇储备多元化配置的需求持续上升。 ...

Core Insights - The People's Bank of China (PBOC) has increased its gold reserves to 73.83 million ounces as of the end of May, marking a continuous increase for the seventh consecutive month [1][3] - The increase of 60,000 ounces in May corresponds to approximately 1.86 tons of physical gold, indicating a strategic focus on diversifying foreign exchange reserves [3] Group 1: Gold Reserve Growth - The continuous increase in gold reserves reflects the monetary authority's growing emphasis on precious metal asset allocation [3] - Since resuming gold purchases in November last year, the PBOC has demonstrated a consistent and strategic approach to gold asset allocation, considering market timing and long-term strategic planning [3] Group 2: Foreign Exchange Reserve Optimization - As of the end of May, China's foreign exchange reserves reached $32,853 billion, an increase of $360 million, marking the fifth consecutive month of growth [4] - The stable growth of foreign exchange reserves is influenced by various factors, including fiscal and monetary policy changes in major economies and fluctuations in global financial asset prices [4] - The improvement in China's economic fundamentals supports the stability of foreign exchange reserves and provides greater flexibility for the PBOC in diversifying asset allocation, including gold [4]