Core Viewpoint - The overall official reserves of Asian countries have surged to nearly $8 trillion, providing substantial "ammunition" for currency and fiscal authorities to defend their currencies against potential depreciation [1][4]. Group 1: Reserve Accumulation - Asian central banks have added over $400 billion to their official reserve assets this year, with the largest contributors being China and Japan, which increased their reserves by approximately $141 billion and $116 billion, respectively [4][5]. - The increase in reserves is attributed to the depreciation of the dollar and rising gold prices, which have boosted the valuation of non-dollar assets [4][5]. Group 2: Currency Interventions - The Indian rupee and Philippine peso have reached historical lows, while the South Korean won is near its weakest level in 16 years, prompting expectations of currency interventions by Asian central banks [4][6]. - The Indian central bank has actively intervened in both onshore and offshore markets to prevent the rupee from falling below its historical low of 88.80 against the dollar [5][6]. Group 3: Market Dynamics and Risks - The recent rebound of the dollar since September has led to increased volatility in global stock markets, raising concerns among Asian central banks about the weakening of their currencies [4][10]. - There are potential risks of conflict with the U.S. government regarding currency interventions, as such actions could be viewed as unfair competitive advantages [7][10]. Group 4: Regulatory Environment - The U.S. Treasury has not labeled any country as a "currency manipulator" but has criticized some Asian nations for lacking transparency in their currency practices [10]. - Asian countries, including Japan, South Korea, Singapore, and Vietnam, are under close scrutiny regarding their currency behaviors, which could impact future trade agreements with the U.S. [10].

Core Insights - China's official reserve assets increased in May 2025, with a total of 328.53 billion USD, reflecting a month-on-month increase of 0.11% from April's 328.17 billion USD [2][4] - The Special Drawing Rights (SDR) also saw a rise, reaching 242.15 billion SDR, which is an increase of 0.07% compared to April's 241.99 billion SDR [2][4] Summary by Category - **Official Reserve Assets** - Total official reserve assets in May 2025 amounted to 328.53 billion USD, up by 35.93 million USD from April [2] - In terms of SDR, the reserves were 242.15 billion SDR, increasing by 15.88 million SDR from the previous month [2] - **Gold Reserves** - Gold reserves were reported at 2,296.37 tons, showing a slight increase of 1.86 tons from April [4] - The value of gold reserves in USD decreased to 2,419.88 million USD, down by 15.97 million USD from April [4] - In SDR terms, the value of gold reserves was 1,783.64 million SDR, which is a decrease of 12.56 million SDR compared to the previous month [4]

金十图示：中国4月末官方储备资产变化一览，中国央行连续第六个月增持黄金 | 以吨计 | 2294.51 | 2292.33 | +2.18 | | --- | --- | --- | --- | | 以亿美元计 | 2435.85 | 2295.94 | +139.91 | | 以亿SDR计 | 1796.2 | 1727.97 | +68.23 | | @ JIN10.COM 金十数据 一个交易工具 | | | | | | 04月 | 03月 | 环比 | | --- | --- | --- | --- | | 以亿美元计 | 32816.62 | 32406.65 | +409.97 | | 以亿SDR计 | 24199.01 | 24389.83 | -190.82 | ...