Core Insights - As of the end of November, China's foreign exchange reserves stood at $33,463.72 billion, indicating a stable reserve position [1] - China's gold reserves reached 7.412 million ounces at the end of November, marking an increase of 30,000 ounces, which is the 13th consecutive month of gold accumulation [1] Foreign Exchange Reserves - The foreign currency reserves have shown a consistent upward trend, increasing from $32,090.36 billion to $33,463.72 billion over the reported period [1] - The data reflects a gradual recovery and strengthening of China's foreign exchange position [1] Gold Reserves - The increase in gold reserves from 7.381 million ounces to 7.412 million ounces represents a 0.4% growth month-over-month [1] - This continuous accumulation of gold suggests a strategic move by China to bolster its reserve assets amid global economic uncertainties [1] Other Reserve Assets - The report includes a category for other reserve assets, which has shown fluctuations, indicating potential volatility in this segment [1] - The overall trend in reserve assets suggests a focus on maintaining a robust and diversified reserve portfolio [1]

Core Insights - The strategic function of China's foreign exchange reserves is shifting from traditional liquidity support to asset structure optimization and currency credit support amid global economic adjustments and geopolitical risks [2][5][8] Foreign Exchange Reserves - As of the end of October, China's foreign exchange reserves stood at $33,433 billion, remaining above $3.3 trillion for three consecutive months, marking the highest level since November 2015 [2] - The People's Bank of China (PBOC) has increased its gold reserves to 7.409 million ounces, marking the twelfth consecutive month of gold accumulation since November 2024 [2][4] Gold Reserves - The recent increase in gold reserves was approximately 3,000 ounces (about 1 ton), which is significantly lower than previous monthly purchases of 10 tons or more, attributed to high gold prices [3][4] - Currently, gold reserves account for only 8.0% of China's official international reserves, which is below the global average of 15% [4] U.S. Treasury Bonds - The PBOC is adopting a strategy of "continuously increasing gold reserves while moderately reducing U.S. Treasury holdings" to optimize reserve structure and enhance the credit foundation of the Renminbi [4][5] - The recent stability in foreign exchange reserves is attributed to a rise in the U.S. dollar index and a significant increase in global financial asset prices, which offset potential declines in reserves [4][7] Global Trends - Since 2022, global central bank gold purchases have surged, with net purchases reaching 1,089 tons in 2024, the highest on record, indicating a reassessment of the traditional dollar-dominated reserve system [6][8] - The ongoing geopolitical conflicts and the trend of financial sanctions have led to a systemic risk in over-concentration on a single sovereign bond, prompting a shift towards increasing gold allocations [5][6] Future Outlook - The PBOC's strategy of gradually increasing gold reserves while managing U.S. Treasury holdings is seen as a long-term approach to enhance financial security and support the internationalization of the Renminbi [7][8] - The expansion of the Renminbi's cross-border usage and the improvement of domestic currency settlement mechanisms will necessitate a more urgent and practical optimization of foreign reserve structures [8]

Core Insights - The Central Bank of Russia's gold and foreign exchange reserves reached $678.5 billion as of the week ending May 23, an increase from the previous value of $667.5 billion [1] Group 1 - The current reserves represent a growth of $11 billion compared to the prior week [1]