2月7日，国家外汇管理局最新数据显示，截至2026年1月末，我国外汇储备规模连续6个月稳定在3.3万 亿美元以上。同时，央行连续15个月增持黄金。 外储规模继续稳定在3.3万亿美元以上 数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升 幅为1.23%。 国家外汇管理局表示，2026年1月，受主要经济体财政政策、货币政策及预期等因素影响，美元指数下 跌，全球主要金融资产价格总体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上 升。我国经济运行稳中有进，发展韧性进一步彰显，为外汇储备规模保持基本稳定提供支撑。 民生银行(3.880, 0.04, 1.04%)首席经济学家温彬分析称，1月份，受多重因素叠加影响，美元延续弱势： 一是特朗普在委内瑞拉、伊朗、格陵兰岛等多地开展或威胁军事打击加剧了地缘政治风险，美元信用风 险高企。二是特朗普暗示对美元贬值持开放态度，引发市场抛售潮。此外，美联储委员释放鹰派信号， 加之沃什当选美联储主席的预期发酵，美债震荡上行，全球资产价格整体上涨。 "随着跨境投融资便利化政策持续加码，资本市场对外资吸引力将持续增强 ...

Core Viewpoint - As of January 2026, China's foreign exchange reserves reached $339.91 billion, marking an increase of $41.2 billion or 1.23% from December 2025, driven by factors such as changes in major economies' fiscal and monetary policies and a decline in the US dollar index [1][2]. Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have increased for six consecutive months, reaching the highest level since December 2015, primarily due to a significant decline in the US dollar index and rising global stock indices [2]. - The US dollar index fell by 1.4% to 97.0 in January 2026, contributing to the overall increase in foreign exchange reserves [2]. - The current foreign exchange reserves, exceeding $3 trillion, are considered adequately sufficient, providing support for maintaining the RMB exchange rate at a reasonable equilibrium level [2]. Group 2: Gold Reserves - As of January 2026, China's gold reserves stood at 7.419 million ounces, with an increase of 40,000 ounces, marking the 15th consecutive month of gold accumulation by the People's Bank of China [3]. - The strategy of diversifying international reserves and increasing gold holdings is expected to continue, enhancing the credibility of the sovereign currency and supporting the cautious internationalization of the RMB [3].

外储连续6个月站上3.3万亿美元 目前，我国外储规模已连续6个月处于3.3万亿美元之上。 谈及1月外汇储备规模环比继续上升，外汇局表示，受主要经济体财政政策、货币政策及预期等因素影 响，美元指数下跌，全球主要金融资产价格总体上涨。在汇率折算和资产价格变化等因素综合作用下， 当月外汇储备规模上升。 中国央行连续15个月增持黄金。 2月7日，国家外汇管理局发布的最新统计数据显示，截至2026年1月末，我国外汇储备规模为33991亿美 元，较2025年12月末上升412亿美元，升幅为1.23%，续创十年以来新高。 同日公布的官方储备资产数据还显示，2026年1月末，中国官方黄金储备为7419万盎司，较2025年12月 末增加4万盎司，为连续15个月增持黄金。 1月份受多重因素叠加影响，美元延续弱势，美元信用风险高企。美联储委员释放鹰派信号，加之沃什 当选美联储主席的预期发酵，美债震荡上行，全球资产价格整体上涨。 民生银行首席经济学家温彬分析，汇率方面，1月份，美元指数下跌1.4%至97.0，月中一度跌至四年来 低点95附近。非美元货币齐涨，日元、欧元、英镑对美元分别上涨1.23%、0.9%、1.6%。资产价格方 面 ...

Core Viewpoint - The article highlights China's continuous increase in gold reserves and foreign exchange reserves, indicating a strategic shift towards enhancing the safety and stability of reserve assets amid global economic uncertainties [3][8]. Foreign Exchange Reserves - As of the end of January 2026, China's foreign exchange reserves reached $339.91 billion, an increase of $4.12 billion from December 2025, marking a 1.23% rise and a ten-year high [3][5]. - The foreign exchange reserves have remained above $3.3 trillion for six consecutive months [4][5]. - The increase in reserves is attributed to the depreciation of the US dollar and the overall rise in global financial asset prices, influenced by various economic factors [6][7]. - The US dollar index fell by 1.4% to 97.0 in January, with major non-dollar currencies appreciating against the dollar [6]. - The overall performance of global stock markets was positive, with the S&P 500 index rising by 1.4% and the European Stoxx index increasing by 3.4% [6]. Gold Reserves - As of January 2026, China's official gold reserves stood at 74.19 million ounces, an increase of 40,000 ounces from December 2025, marking 15 consecutive months of gold accumulation [3][8]. - The increase in gold reserves reflects a broader trend among global central banks to enhance their gold holdings as a hedge against dollar asset volatility and geopolitical risks [9][10]. - The World Gold Council reported that global physical gold demand surpassed 5,000 tons in 2025, a historical high, indicating strong interest from central banks and investors [10]. - The gradual accumulation strategy employed by China's central bank aims to mitigate market volatility and provide stability signals to the market [10].

Group 1 - As of January 2026, China's foreign exchange reserves have remained stable above $3.3 trillion for six consecutive months, reaching $33,991 billion, an increase of $412 billion or 1.23% from December 2025 [1] - The increase in foreign exchange reserves is attributed to the depreciation of the US dollar and the overall rise in global financial asset prices, influenced by fiscal and monetary policies of major economies [1] - The People's Bank of China has increased its gold reserves for the 15th consecutive month, with gold reserves reported at 74.19 million ounces [2] Group 2 - The global central bank gold purchases in 2025 totaled 863 tons, which is lower than the previous three years but still at historically high levels, with 95% of surveyed central banks expecting to increase their gold reserves in the next 12 months [2][3] - The increase in gold reserves by central banks is seen as a strategic move to diversify foreign exchange reserves and reduce reliance on the US dollar, enhancing the stability and autonomy of national financial systems [3] - The demand for gold from global central banks is expected to remain high in 2026, indicating that the trend of increasing gold reserves is a long-term strategy not significantly affected by short-term factors [3]

【#央行连续15个月增持黄金##金价史诗级波动为何央行持续增持#？】2月7日，央行公布数据显示，1 月末黄金储备为7419万盎司，较上月末增加4万盎司。这是自2024年11月重启增持后，央行连续第15个 月增加黄金储备。同日，国家外汇管理局统计数据显示，截至1月末，我国外汇储备规模为33991亿美 元，较2025年12月末上升412亿美元，升幅为1.23%。我国外汇储备规模已经连续6个月稳定在3.3万亿美 元以上，并呈现出稳中有升的态势。全文： ...

2月7日，央行公布数据显示，1月末黄金储备为7419万盎司，较上月末增加4万盎司。这是自2024年11月重启增持后，央行连续 第15个月增加黄金储备。 同日，国家外汇管理局统计数据显示，截至1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升幅为 1.23%。我国外汇储备规模已经连续6个月稳定在3.3万亿美元以上，并呈现出稳中有升的态势。 尽管国际金价在1月经历"史诗级波动"，但我国央行仍保持每月增持的节奏，不过1月增持量仅4万盎司，延续了自2025年3月以 来每月增持规模均低于10万盎司的节奏。全球金价处于历史高位，是央行控制增持节奏的原因之一。东方金诚首席宏观分析师 王青认为， 1月国际金价延续快速上涨势头，是当月我国央行增持黄金规模继续处于偏低水平的一个原因。 1月份伦敦现货黄金市场呈现先扬后抑、剧烈波动的格局。1月2日至16日，金价呈现震荡上行态势，17日至28日，金价呈现单边 上涨态势，29日至30日，金价自高位大幅回落。1月黄金市场核心主线围绕地缘政治风险、美联储政策预期与美元信用变化展 开。月初国际金价在技术调仓与地缘政治等因素交织下波动；月中在地缘风险升温、市场 ...

2月7日，国家外汇管理局最新数据显示，截至2026年1月末，我国外汇储备规模连续6个月稳定在 3.3万亿美元以上。同时，央行连续15个月增持黄金。 01 外 储规模继续稳定在3.3万亿美元以上 国家外汇管理局表示，2026年1月，受主要经济体财政政策、货币政策及预期等因素影响，美元指 数下跌，全球主要金融资产价格总体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储 备规模上升。我国经济运行稳中有进，发展韧性进一步彰显，为外汇储备规模保持基本稳定提供支 撑。 民生银行首席经济学家温彬分析称，1月份，受多重因素叠加影响，美元延续弱势：一是特朗普在委 内瑞拉、伊朗、格陵兰岛等多地开展或威胁军事打击加剧了地缘政治风险，美元信用风险高企。二 是特朗普暗示对美元贬值持开放态度，引发市场抛售潮。此外，美联储委员释放鹰派信号，加之沃 什当选美联储主席的预期发酵，美债震荡上行，全球资产价格整体上涨。 "随着跨境投融资便利化政策持续加码，资本市场对外资吸引力将持续增强。我国经济运行稳中有 进，发展韧性进一步彰显，为外汇储备规模保持基本稳定提供了有力支撑。"温彬说。 东方金诚首席宏观分析师王青也表示，未来外储规模有望保持基本 ...

证券研究报告 | 宏观专题研究 | 中国宏观 宏观专题研究 报告日期：2026 年 02 月 07 日 央行继续增持黄金，但短期金银仍需谨慎 ——1 月外汇储备数据传递的信号 核心观点 2026 年 1 月我国官方外汇储备 33990.78 亿美元，环比增加 412.09 亿美元，但资 产价格均对本月储备形成负向拖累。站在当前时间点，从短期维度看，金银均面 临潜在的流动性冲击与风险偏好切换带来的扰动。但从中长期维度看，我们延续 黄金强于白银的判断。在操作层面，我们更倾向于将波动率回落作为再度增配的 关键观察指标。若黄金隐含波动率（黄金 VIX）从高位回落并进入相对稳定区 间，通常意味着流动性冲击缓释、市场定价更趋有序，黄金的风险收益特征将明 显改善，届时黄金的中期投资机会更值得把握。 ❑ 1 月外储继续环比回升，但资产价格均对本月储备形成负向拖累 2026 年 1 月我国官方外汇储备 33990.78 亿美元，环比增加 412.09 亿美元，但资 产价格本月有所下行。 从结构来看，汇率对本月储备影响为负向贡献。其一，美元指数继续回落，2026 年 1 月美元指数由 2025 年 12 月底的 98.27 下行 ...

Group 1 - As of January 2026, China's foreign exchange reserves reached $3.3991 trillion, an increase of $41.2 billion from December 2025, marking a 1.23% rise and the highest level since December 2015 [1] - The increase in foreign exchange reserves is attributed to the depreciation of the US dollar and the overall rise in global financial asset prices, supported by China's stable economic performance [1][4] - The US dollar index fell 1.4% to 97.0 in January, influenced by geopolitical risks and changes in US monetary policy, leading to a positive valuation effect on non-USD assets [4][6] Group 2 - The People's Bank of China (PBOC) increased its gold reserves for the 15th consecutive month, reaching 7.419 million ounces by the end of January 2026, a slight increase of 40,000 ounces from December 2025 [2][9] - The increase in gold reserves reflects a strategic shift towards enhancing the proportion of "non-credit assets" in foreign reserves, amid a global trend of central banks increasing gold holdings to hedge against dollar volatility and geopolitical risks [2][11] - The global gold price surged over 13% in January, reaching historical highs, which underscores the importance of gold as a strategic asset in the current uncertain global environment [9][10]