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外汇储备连续5个月增长背后:美元贬值“跷跷板效应”隐现
Jing Ji Guan Cha Wang· 2025-06-07 14:35
Core Viewpoint - China's foreign exchange reserves have shown a steady increase, reaching $328.53 billion by the end of May, marking a $3.6 billion rise from April, and continuing a five-month upward trend [2][3]. Group 1: Foreign Exchange Reserves - As of the end of May, China's foreign exchange reserves increased for the fifth consecutive month, influenced by fiscal and monetary policies of major economies and economic growth prospects [3]. - The increase in reserves is closely linked to the depreciation of the US dollar, with an 8.4% decline in the dollar index over the first five months of the year [2][5]. - The valuation effect of currency exchange rates and asset prices has led to a slight increase in reserves, despite fluctuations in global financial asset prices [3][5]. Group 2: Gold Reserves - China has continued to increase its gold reserves, reaching 7.383 million ounces by the end of May, a rise of 60,000 ounces from April, marking seven consecutive months of gold accumulation [3][8]. - The global demand for gold among central banks is rising due to geopolitical risks and economic uncertainties, with expectations that central banks will add approximately 1,000 tons of gold reserves this year [3][10]. - The proportion of gold in China's foreign exchange reserves remains low at 7%, compared to the global average of about 15%, indicating potential for further increases in gold holdings [9][10]. Group 3: Future Outlook - Financial analysts predict that China's foreign exchange reserves will continue to exhibit stable fluctuations, supported by improving economic conditions and trade relations with the US [6][7]. - The expectation of continued depreciation of the US dollar is likely to support the growth of China's foreign exchange reserves, as a negative correlation exists between the dollar index and reserve levels [6][7]. - The ongoing geopolitical tensions and economic uncertainties are expected to drive further demand for gold as a safe-haven asset among central banks globally [4][10].
公募基金改革方案落地,央行连续6个月增持黄金储备【国信金工】
量化藏经阁· 2025-05-11 13:55
Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, Shenzhen Component Index, and CSI 1000 Index leading gains at 3.27%, 2.29%, and 2.22% respectively, while the Sci-Tech 50, SME Index, and CSI 500 Index lagged behind with returns of -0.60%, 1.49%, and 1.60% respectively [6][14] - The total net withdrawal of funds through the central bank's reverse repos was 781.7 billion yuan, with 1.6178 trillion yuan maturing and a net open market injection of 836.1 billion yuan [22] - The People's Bank of China has been increasing its gold reserves for six consecutive months, with the official gold reserves reaching 73.77 million ounces as of April 2025, an increase of 70,000 ounces from March [9] Fund Performance - Last week, the performance of actively managed equity, flexible allocation, and balanced mixed funds was 1.22%, 1.01%, and 0.91% respectively. Year-to-date, alternative funds have shown the best performance with a median return of 5.45% [34][36] - The total net asset value of public funds remained above 32 trillion yuan for two consecutive months, standing at 32.22 trillion yuan as of March 2025, showing little change from February [12] Fund Issuance - A total of 15 new funds were established last week, with a total issuance scale of 6.345 billion yuan, a decrease from the previous week. Among these, 8 were passive index funds and 4 were enhanced index funds [4][45][46] - 40 new funds were reported for issuance last week, including various ETFs and FOFs, indicating an increase in the number of fund applications compared to the previous week [5][6] Regulatory Developments - On May 7, the China Securities Regulatory Commission (CSRC) released an action plan to promote the high-quality development of public funds, addressing issues such as operational model optimization, industry evaluation system improvement, and risk management enhancement [7][8]
四月我国外储规模升幅扩大 黄金储备占比刷新历史纪录
Group 1 - As of April 2025, China's foreign exchange reserves reached $328.17 billion, an increase of $41 billion from March, representing a growth rate of 1.27% [1] - The increase in foreign exchange reserves is attributed to currency revaluation and asset price changes, with the U.S. dollar index (DXY) falling by 4.6% to 99.5 in April, leading to appreciation of non-U.S. currencies [2] - The People's Bank of China, along with financial regulatory bodies, has introduced a series of financial policies to support market stability, which is expected to contribute to a balanced international payment and stable foreign exchange reserves [3] Group 2 - The central bank has increased its gold reserves for the sixth consecutive month, reaching 7.377 million ounces by the end of April, with a month-on-month increase of 70,000 ounces [4] - The current gold reserves amount to $243.6 billion, accounting for 7.4% of the foreign exchange reserves, which is an increase of 0.3 percentage points [4] - The diversification of international reserve assets is progressing steadily, as indicated by the record high proportion of gold reserves [5]