China’s external reserves hit $3.428trn

China’s foreign exchange reserves totalled 3.4278 trillion U.S. dollars at the end of February 2026, the highest in 10 years, marking an increase of 28.7 billion dollars, or 0.85 per cent, from the end of January, official data showed.

The State Administration of Foreign Exchange noted that the U.S. dollar index rose in February, while prices of major global financial assets moved in mixed directions, influenced by macroeconomic data, monetary policies, and market expectations across major economies.

The combined effects of exchange rate conversion and changes in asset prices contributed to the increase in China’s foreign exchange reserves during the month, the administration said.

China’s economy registered steady and improving performance, with new and higher-quality development momentum, the administration noted.

The supporting conditions and underlying trend for the long-term sound development of the Chinese economy remain unchanged, providing solid support in the quest to keep the scale of foreign exchange reserves basically stable, it added.

Additionally, the People’s Bank of China continued to expand its gold holdings, extending its buying streak to 16 consecutive months as the global gold rally persisted into February.

By the end of the month, the central bank’s gold reserves increased to 74.22 million fine troy ounces, up from 74.19 million ounces in January.
In value terms, China’s gold reserves rose significantly to $387.59 billion at the end of February, compared to $369.58 billion in January, largely reflecting higher global gold prices.