China’s foreign exchange reserves fell to $3.4 trillion at the end of September 2026, down $38.1 billion from a month earlier. The State Administration of Foreign Exchange attributed the decline primarily to a stronger US dollar and surging US Treasury yields, which likely led to currency translation and asset valuation changes. Meanwhile, the People’s Bank of China increased its gold holdings to 77.47 million fine troy ounces from 76.73 million ounces at the end of August, extending its gold-buying streak to 23 consecutive months. SAFE said China’s economic fundamentals remain sound, supporting the basic stability of the country’s foreign exchange reserves.
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