China's foreign exchange reserves exceed $3.3 trillion for three consecutive months as central bank adjusts pace of gold purchases

    On November 7, statistics from the State Administration of Foreign Exchange showed that China's foreign exchange reserves stood at $3.3433 trillion as of the end of October 2025, up $4.7 billion from the end of September, representing a 0.14% increase.

    This marks the third consecutive month that China's foreign exchange reserves have surpassed the $3.3 trillion threshold, reaching their highest level since December 2015. Regarding gold reserves, the central bank increased its holdings for the 12th consecutive month. Data released on the same day showed that gold reserves reached 74.09 million ounces (approximately 2,304.457 metric tons) at the end of October, an increase of 30,000 ounces (about 0.93 metric tons) month-on-month.

    The State Administration of Foreign Exchange stated that in October 2025, influenced by monetary policies and expectations of major economies, macroeconomic data, and other factors, the U.S. dollar index rose while global financial asset prices generally increased. The combined effects of exchange rate conversions and asset price fluctuations contributed to the month's rise in foreign exchange reserves. China's economy possesses a solid foundation, multiple advantages, strong resilience, and vast potential. The fundamental conditions and long-term positive trend supporting sustained growth remain unchanged, which is conducive to maintaining the basic stability of foreign exchange reserves.

    Wang Qing, Chief Macro Analyst at Orient Gold Credit, told reporters that the valuation effect resulting from changes in exchange rates and asset prices formed a counterbalance, which was the main reason for the slight increase in foreign exchange reserves in October. On one hand, the U.S. dollar index rose by 1.9% in October. This led to depreciation of non-dollar assets within China's foreign exchange reserves, resulting in a decrease in the overall reserve size. On the other hand, major global stock indices, represented by the Nikkei 225, saw significant gains in October. The Nikkei 225 surged by 16.6%, while U.S. Treasury yields declined and bond prices rose. These factors collectively boosted the valuation of financial assets held in China's foreign exchange reserves.