China’s foreign exchange reserves increased by USD 28.7 billion in February 2026, reaching USD 3.428 trillion from USD 3.399 trillion in January. This was the seventh consecutive monthly rise and pushed reserves to their highest level since November 2015. The gain was driven by the recent appreciation of the Chinese yuan against the U.S. dollar and valuation gains on non-dollar assets.
At the same time, the People’s Bank of China continued to build its gold holdings, extending its buying streak to a 16th straight month amid a sustained global gold rally. The central bank’s gold reserves in volume terms inched up to 74.22 million fine troy ounces at the end of February, from 74.19 million ounces a month earlier. In value terms, China’s gold reserves jumped to USD 387.59 billion at the end of February, compared with USD 369.58 billion at the end of January, largely reflecting higher international gold prices.
