According to data from the State Administration of Foreign Exchange, as of the end of November 2025, China's foreign exchange reserves were US$3346.4 billion, up US$3 billion from the end of October, a record high since January 2016. Guan Tao, global chief economist at BOC Securities, said that it reflects the positive valuation effects of exchange rate conversion and changes in asset prices under the influence of factors such as monetary policies and expectations and macroeconomic data of major economies. At the end of November, China's gold reserves were 74.12 million ounces, an increase of 30,000 ounces over the previous month, making the People's Bank of China increased its gold holdings for the 13th month in a row. Guan Tao analyzed that against the backdrop of increased uncertainty in the external environment, the diversification process of China's international reserve assets continues to advance steadily. Since this year, supported by increased geopolitical and economic uncertainty, the weakening of the US dollar, and positive price momentum, the price of gold has reached more than 50 record highs during the year, with a cumulative increase of more than 60%. It is expected to set the record for the fourth highest annual increase in gold since 1971. (Sino-Singapore Economic Link)

According to data from the State Administration of Foreign Exchange, as of the end of November 2025, China's foreign exchange reserves were US$3346.4 billion, up US$3 billion from the end of October, a record high since January 2016. Guan Tao, global chief economist at BOC Securities, said that it reflects the positive valuation effects of exchange rate conversion and changes in asset prices under the influence of factors such as monetary policies and expectations and macroeconomic data of major economies. At the end of November, China's gold reserves were 74.12 million ounces, an increase of 30,000 ounces over the previous month, making the People's Bank of China increased its gold holdings for the 13th month in a row. Guan Tao analyzed that against the backdrop of increased uncertainty in the external environment, the diversification process of China's international reserve assets continues to advance steadily. Since this year, supported by increased geopolitical and economic uncertainty, the weakening of the US dollar, and positive price momentum, the price of gold has reached more than 50 record highs during the year, with a cumulative increase of more than 60%. It is expected to set the record for the fourth highest annual increase in gold since 1971. (Sino-Singapore Economic Link)