China’s foreign exchange reserves rose to $3.4422 trillion at the end of May 2026, up $31.7 billion, or 0.93 percent, from the previous month, according to data released by the State Administration of Foreign Exchange (SAFE). SAFE said the increase reflected the combine effects of foreign exchange translation and changes in asset prices, noting that the U.S. dollar index rose during the month while major global financial assets also advanced.
Gold reserves reached 74.96 million fine troy ounces in May, according to the People’s Bank of China, marking the 19th consecutive month of purchases by the central bank. The April addition of 8 tonnes was the largest single-month purchase since December 2024, according to World Gold Council data.
China’s trade surplus reached a record $1.19 trillion in 2025, according to official customs data, while total exports rose 5.5 percent year-on-year to $3.77 trillion. Analysts have pointed to yuan-denominated trade settlement, capital outflows, and overseas investment by state-owned enterprises as reasons reserve growth has not moved in proportion to the surplus.
SAFE said the economy maintained steady growth during the period, which it described as providing support for the overall stability of the reserve balance.