Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The new gold tax policy aims to address tax regulatory pressures in the current "gold - buying boom" by implementing refined tax management and distinguishing between "investment" and "non - investment" uses of gold, plugging "tax arbitrage" loopholes [4]. - The policy may lead to increased costs for non - exchange physical gold transactions, potentially causing investment demand to shift to virtual trading markets and affecting the scale of the spot market [4]. - Due to the lack of implementation details, market participants are in a wait - and - see state, and short - term trading volume may be affected [4]. - In the long run, global macro - economic, fiscal and monetary policies, and geopolitical events are the core factors affecting gold prices, but the new policy may dampen market enthusiasm in the short term [5]. - The new policy can enhance the international competitiveness of China's gold market and contribute to the internationalization of the RMB [5]. 3. Summary by Related Content Policy Core - For gold transactions on the Shanghai Gold Exchange and Shanghai Futures Exchange, when the seller sells standard gold, VAT is exempted. For physical delivery, different VAT policies apply based on the use of the gold [1]. - For investment - use standard gold purchased by member units, the exchange implements VAT immediate refund, exempts urban maintenance and construction tax and education surcharges, and issues VAT special invoices. The buying member unit pays VAT when reselling and can only issue ordinary invoices [1]. - For non - investment - use standard gold purchased by member units, the exchange exempts VAT and issues ordinary invoices. General VAT - paying member units can calculate input tax at a 6% deduction rate and can issue VAT special invoices when reselling [2]. - For standard gold purchased by customers, the exchange exempts VAT and issues ordinary invoices. General VAT - paying customers can calculate input tax at a 6% deduction rate and can issue VAT special invoices when reselling [2]. Specific Policy Changes - Investment gold is not tax - exempt when sold to individual investors, and downstream cannot obtain special invoices for deduction. Non - investment gold can have 6% of its VAT deducted in the processing link and is sold at a VAT - included price in the retail link [3]. - Member units or customers need to clearly indicate the type of gold use on invoices. If the use of gold changes, member units should report to the exchange within 6 months and can only apply for a change once [3]. Impact on the Market - The policy helps plug tax loopholes, forcing enterprises to choose between "investment gold" and "consumer goods" tracks and refine their financial and tax management [4]. - Non - exchange physical gold transactions may face cost increases, leading to a potential shift of investment demand to virtual trading markets. Non - investment gold products still face at least 7% VAT cost [4]. - Due to the lack of implementation details, short - term trading volume may be affected as market participants are in a wait - and - see state [4]. - The new policy may dampen short - term market enthusiasm during a gold bull market, but in the long run, macro - factors are the core determinants of gold prices [5]. - The policy can enhance the international competitiveness of China's gold market and contribute to RMB internationalization [5].

Core Viewpoint - The Bank of Korea (BOK) is signaling a potential shift towards increasing its gold reserves after a 12-year hiatus, amidst a global trend of central banks accumulating gold as a hedge against financial uncertainty [2][3]. Group 1: Current Status of Gold Reserves - The BOK has maintained its gold reserves at 104.4 tons since 2013, ranking 39th among global central banks [3]. - The BOK's ranking has declined from 32nd in 2013 to 39th, and potentially to 41st when including the IMF and ECB [3]. - A recent survey indicated that 95% of central banks expect an increase in gold reserves over the next 12 months, contrasting with the BOK's cautious stance [3]. Group 2: Reasons for Previous Inaction - The BOK refrained from purchasing gold due to higher returns from risk assets like stocks, with the S&P 500 rising 158% compared to gold's 71% increase over the same period [4]. - A decline in foreign exchange reserves from a peak of $469.2 billion in October 2021 to approximately $420 billion has limited the BOK's ability to diversify into gold [4]. - Past experiences of significant gold price volatility have contributed to a cautious approach, with gold prices dropping from $1,900 per ounce in 2011 to around $1,100 in 2015 [4]. Group 3: Potential Shift in Strategy - Market analysts warn that excessive caution may lead to missed opportunities, especially with predictions of rising gold prices due to potential interest rate cuts and a weakening dollar [7]. - The average gold price is forecasted to reach $4,450 per ounce next year, with a possibility of exceeding $4,800 by year-end [7]. - The BOK's gold reserves constitute only 2.8% of its foreign exchange reserves, significantly lower than Japan and China, indicating a lack of safe assets to buffer against economic uncertainties [7]. Group 4: Political and Market Pressure - There is increasing political pressure for the BOK to enhance its gold reserves, with calls to recognize gold as a strategic asset for maintaining monetary sovereignty [8]. - Emerging market central banks are actively buying gold during price dips, providing strong support for gold prices [8].

Summary of Key Points Core Viewpoint - China's foreign exchange reserves have increased, with the central bank continuously adding to its gold reserves for the tenth consecutive month [1][2][4]. Foreign Exchange Reserves - As of the end of August 2025, China's foreign exchange reserves stood at $33,222 billion, an increase of $299 billion from the end of July, marking a rise of 0.91% [1][2]. - This marks the 21st consecutive month that reserves have remained above $32 trillion, rebounding after a brief decline in July [1][5]. Factors Influencing Reserves - The increase in foreign exchange reserves is attributed to a combination of exchange rate adjustments and changes in asset prices [2][5]. - The decline in the US dollar index and overall rise in global financial asset prices contributed to the increase in reserves [5]. Gold Reserves - The central bank's gold reserves reached 7,402 million ounces (approximately 2,302.28 tons) by the end of August, reflecting an increase of 6,000 ounces (about 1.87 tons) from July [2][4]. - The trend of increasing gold reserves aligns with a global surge in central bank gold purchases due to market uncertainties and geopolitical tensions [5]. Market Trends - In August 2025, gold ETFs saw a net inflow of $5.5 billion, with North America contributing $4.1 billion and Europe $1.9 billion, while Asia and other regions experienced outflows [7]. - The price of spot gold has risen significantly, reaching $3,600 per ounce, with a year-to-date increase of 37% [6][11]. Economic Context - The resilience of China's economy is highlighted as a supporting factor for the stability of foreign exchange reserves, despite fluctuations in global markets [5].

【导读】我国外汇储备规模下降，央行连续第9个月增持黄金 中国基金报记者 王思文 8月7日，国家外汇管理局统计数据显示，截至2025年7月末，我国外汇储备规模为32922亿美元，较6月末下降252亿美元，降幅为 0.76%。这是我国外汇储备连续20个月站上3.2万亿美元大关，但结束了此前连续6个月环比回升态势。 国家外汇管理局表示，当月外汇储备规模下降，主要是受汇率折算和资产价格变化等因素综合作用。 黄金储备方面，央行连续第9个月增持黄金。同日，央行公布数据显示，7月末黄金储备为7396万盎司（约2300.41吨），环比增加6 万盎司（约1.86吨），2025年6月末为7390万盎司。 现货黄金价格向上触及3390美元/盎司 世界黄金协会7月31日发布的数据显示，今年二季度，全球黄金总需求同比大幅跃升45%，达到1320亿美元，创历史纪录。 黄金价格近期处于横盘调整，近一周现货黄金累计上涨3%。 8月7日，现货黄金向上触及3390美元/盎司，日内一度涨0.64%。 图片来自中国人民银行官网 我国外汇储备规模环比下降 央行连续第9个月增持黄金 2025年前6个月，我国外汇储备余额连续增长，分别增加66.79亿美元 ...

Core Viewpoint - China's foreign exchange reserves decreased for the first time in July 2025 after six consecutive months of growth, while the central bank has increased its gold reserves for the ninth consecutive month [1][5]. Foreign Exchange Reserves - As of the end of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from the end of June, marking a decline of 0.76% [1][5]. - The decline in reserves is attributed to factors such as exchange rate adjustments and changes in asset prices [2][5]. - Despite the recent decline, the reserves have remained above $32 trillion for 20 consecutive months [1]. Gold Reserves - The central bank's gold reserves reached 7,396 million ounces (approximately 2,300.41 tons) at the end of July, an increase of 6 million ounces (about 1.86 tons) from the previous month [2][4]. - The global demand for gold has surged, with central banks net purchasing 166 tons in the second quarter of 2025, reflecting a strong outlook for gold demand despite a slight slowdown in purchasing pace [5][7]. Market Trends - The spot gold price recently touched $3,390 per ounce, reflecting a 3% increase over the past week [8]. - Year-to-date, the spot gold price has risen over 28%, with a peak of $3,500 per ounce in April 2025 [10]. - UBS Wealth Management has set a target price of $3,500 per ounce for gold, with a potential rise to $3,800 per ounce if geopolitical or economic conditions worsen [10].

Core Viewpoint - China's foreign exchange reserves decreased for the first time in July 2025 after six consecutive months of growth, while the central bank has increased its gold reserves for the ninth consecutive month [1][4][5]. Group 1: Foreign Exchange Reserves - As of the end of July 2025, China's foreign exchange reserves stood at $3,292.2 billion, a decrease of $25.2 billion (0.76%) from the end of June [1][4]. - The decline in foreign exchange reserves is attributed to factors such as exchange rate adjustments and changes in asset prices [1][5]. - In the first six months of 2025, foreign exchange reserves had shown consistent growth, with increases of $6.679 billion, $18.2 billion, $13.441 billion, $41 billion, $3.6 billion, and $32.2 billion respectively [4]. Group 2: Gold Reserves - The central bank's gold reserves reached 7,396 million ounces (approximately 2300.41 tons) by the end of July 2025, an increase of 60,000 ounces (about 1.86 tons) from the previous month [1][3]. - The global demand for gold surged significantly, with a 45% year-on-year increase in total demand during the second quarter of 2025, reaching a record $132 billion [7]. - Despite fluctuations in gold prices, the demand for gold remains strong, with UBS Wealth Management projecting a target price of $3,500 per ounce under baseline scenarios, and a potential rise to $3,800 per ounce if geopolitical or economic conditions worsen [12][13].

Group 1 - As of June 2025, China's foreign exchange reserves reached 33,174 billion USD, marking a 322 billion USD increase from May, representing a 0.98% rise. This is the 19th consecutive month above 3.2 trillion USD and the 6th month of month-on-month growth [1][2] - In the first half of 2025, China's foreign exchange reserves increased consistently, with monthly increases of 66.79 billion USD, 182 billion USD, 134.41 billion USD, 410 billion USD, 36 billion USD, and 322 billion USD [2] - The People's Bank of China has increased its gold reserves for eight consecutive months, with a total of 7,390 million ounces (approximately 2,298.55 tons) as of June, an increase of 7 million ounces (approximately 2.18 tons) from May [1][2] Group 2 - Global central banks have shown strong demand for gold, with net purchases of 244 tons in the first quarter of 2025, despite a slight slowdown compared to the previous quarter [3] - The global gold ETF demand turned negative in May, but liquidity remains high year-to-date. Market analysts suggest that uncertainty around tariff negotiations is causing investors to wait for clearer signals [4] - Analysts predict that if tariff announcements indicate heightened trade tensions, gold may attract more buying interest, although the overall outlook remains cautiously optimistic [5] Group 3 - The Federal Reserve's potential delay in interest rate cuts could negatively impact gold prices, as the market anticipates no rate cuts in the upcoming July meeting, with a 95% probability of a cut in September [5][6] - HSBC has raised its average gold price forecast for 2025 from 3,015 USD to 3,215 USD per ounce, while Citigroup has a bearish outlook, predicting a drop to 2,500 to 2,700 USD per ounce by Q2 2026 [5][6] - Citigroup's bearish stance on gold is based on several factors, including improved economic expectations from potential Fed rate cuts, a peak in gold long positions, and a possible rebound in the USD [6]