---
title: "China's foreign reserves fell $38.1 billion, more than expected"
url: "https://etf.net/news/china-s-foreign-reserves-fell-38-1-billion-more-than-expected-2026-10-07"
published_at: "2026-10-07T06:11:10.830Z"
updated_at: "2026-10-07T06:11:10.830Z"
byline: "ETF.net Research"
---

# China's foreign reserves fell $38.1 billion, more than expected

The State Administration of Foreign Exchange said on Wednesday, October 7, Beijing time, that reserves stood at $3.4003 trillion at the end of September, down $38.1 billion from August.

By ETF.net Research. Published Oct 7, 2026.

China's foreign-exchange reserves fell to $3.4003 trillion at the end of September, the State Administration of Foreign Exchange said on Wednesday, Beijing time. They were down **$38.1 billion**, or 1.11%, from August. Economists in a Reuters poll had expected a fall of $18.4 billion, to $3.420 trillion, about half as much.

The fall was smaller than the $85.7 billion drop SAFE reported for March. August's $3.4384 trillion had been only $3.8 billion short of May's $3.4422 trillion, the highest level in more than ten years.

The figure counts the foreign currencies and securities China holds, in dollars. A higher dollar, or a fall in the price of those assets, can shrink the total even if China sells nothing.

The agency said both happened in September. The dollar index, a measure of the dollar against other major currencies, rose, and prices of major financial assets generally fell, but it gave no breakdown between a price change and money moving in or out.

That index rose 2.03% from the end of August to the end of September. The yuan strengthened 0.22% against the dollar over the same month.

## More gold, worth less in dollars

On a separate line of SAFE's official reserve assets release, the People's Bank of China reported gold holdings of 77.47 million ounces, up from 76.73 million in August. The central bank added 740,000 ounces, more than the 650,000 ounces it added in August. That was the 23rd month in a row of additions.

The dollar value of that gold still fell, to $323.5 billion from $350.1 billion. The ounce count went up, so the drop of $26.6 billion is a lower price, not gold sold. Gold itself fell 6.6% in September.

Source: etf.net, https://etf.net/news/china-s-foreign-reserves-fell-38-1-billion-more-than-expected-2026-10-07. Please cite the page URL.