PBOC increases gold holdings for 24 consecutive months. Experts: Continued purchases help enhance the diversification of international reserves.

Regarding the October gold price correction, market institutions generally believe that, in addition to interest rate and exchange rate factors, the concentrated sell-off in technology stocks triggered localized deleveraging and margin pressure, and highly liquid gold was simultaneously sold off and converted into cash, which was an important driver. Song Xuetao, chief economist at Sinolink Securities, pointed out that gold is both a long-term reserve asset and a financial asset that can be quickly liquidated; when AI-related stock markets fall in tandem and localized deleveraging pressure rises, investors often sell gold to replenish margin, causing short-term funding-side effects to temporarily override the long-term safe-haven logic. In Pang Ming's view, the current international economic, trade and financial environment remains uncertain, and gold has both safe-haven attributes and reserve asset attributes, forming a good risk hedge against the US dollar assets in foreign exchange reserves. Continued accumulation helps enhance the diversification of international reserves and improve the stability and volatility resistance of the overall reserve portfolio.