Core Viewpoint - China's foreign exchange reserves stood at $32,922 billion as of the end of July 2025, marking a decrease of $252 billion or 0.76% from the end of June, while remaining above $3.2 trillion for the 20th consecutive month [1][5]. Group 1: Foreign Exchange Reserves - The decline in foreign exchange reserves in July was influenced by macroeconomic data, monetary policy expectations, and a rising US dollar index, which led to mixed performance in global financial asset prices [2][5]. - The US dollar index rebounded in July, ending a five-month decline, driven by trade agreements and reduced expectations for Federal Reserve rate cuts, which affected the valuation of non-dollar currencies [5]. - Despite the decrease, the overall stability of China's foreign exchange reserves is supported by a strong economic foundation and favorable long-term trends [5]. Group 2: Gold Reserves - As of the end of July 2025, China's official gold reserves increased to 7,396 million ounces, with a monthly addition of 6,000 ounces, marking nine consecutive months of gold accumulation by the central bank [2][6]. - The central bank's strategy of increasing gold reserves reflects a balance between optimizing reserve structure and controlling acquisition costs during a period of technical adjustments in gold prices [6]. - Global central banks are expected to continue increasing their gold reserves in the coming year, driven by economic and geopolitical uncertainties, with 95% of surveyed central banks anticipating further increases [6].

Group 1 - Gold is recognized as a special asset with multiple attributes, serving as an important component of international reserves for various countries, providing benefits such as hedging, anti-inflation, and long-term value preservation [1] - According to the World Gold Council's survey, over 95% of central banks believe that global central banks will continue to increase their gold holdings in the next 12 months, with nearly 43% planning to increase their gold reserves within the year [1] - As of the end of June, China's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the end of May, marking the eighth consecutive month of gold accumulation by the central bank [1] Group 2 - China's foreign exchange reserves rose to $33,174 billion as of the end of June, an increase of $32.2 billion or 0.98% from the end of May, maintaining above $3.2 trillion for 19 consecutive months [2] - The increase in foreign exchange reserves in June was influenced by macroeconomic policies and growth prospects of major economies, alongside a 2.5% decline in the US dollar index, which reached a three-year low [2] - The rise in global financial asset prices, including a 1% increase in the dollar-denominated global bond index and a 5% rise in the S&P 500 index, contributed to the increase in foreign exchange reserves [2]

Group 1 - As of the end of May 2025, China's foreign exchange reserves reached $328.53 billion, an increase of $3.6 billion from the end of April, marking a 0.11% rise and a continuous growth since the beginning of 2025 [1] - The increase in foreign exchange reserves is attributed to the impact of major economies' policies and growth prospects, with the dollar index experiencing slight fluctuations and global financial asset prices showing mixed trends [1] - The current level of foreign exchange reserves is considered moderately sufficient, providing a buffer against external shocks, with expectations for stability in the short term [1] Group 2 - As of the end of May 2025, the central bank's gold reserves stood at 7.383 million ounces (approximately 2,296.37 tons), with a month-on-month increase of 60,000 ounces, marking seven consecutive months of accumulation [3] - The total increase in gold reserves amounts to 1.03 million ounces, with an estimated cumulative increase value of approximately $341 million (around 2.45 billion yuan) based on the latest gold prices, although the pace of increase has slowed in May [3] - The central bank's strategy to increase gold reserves is seen as a long-term direction to enhance the credibility of the sovereign currency and facilitate the internationalization of the renminbi [3]

昨日最新外汇储备数据出炉，截至4月末，我国外汇储备规模约为32817亿美元，较3月末上升410 亿美元。专家指出，4月特朗普推出的"对等关税"导致美元指出大幅下跌约4.4%，由此导致我国外 储中非美元资产价格上涨。 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。 东方金诚首席宏观分析师王青指出，4月外储规模较大幅度上升，主要受当月美元指数大幅下跌带 动。预计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。 4月政治局会议提出要"着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定性应对外部环 境急剧变化的不确定性"。5月7日，央行、金融监管总局、证监会迅速落实政治局会议工作部署， 联合推出"一揽子"金融政策支持稳市场稳预期 "当前，国际经贸形势复杂严峻，我国积极承担大国责任、维护多边主义，加强与周边国家、欧盟等 地区的沟通合 ...