Chinese banks serve broader role than domestic fx deposit intermediaries, Brad Setser notes

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Ashutosh Sureka

27.04.2026

Chinese banks serve broader role than domestic fx deposit intermediaries, Brad Setser notes — Chinese banks extend beyond fx deposits

Brad Setser, industry influencer, commented on a question raised by GagnonMacro as well as individuals at Peterson, regarding the function of Chinese state banks in foreign exchange markets. Setser stated that while it is true that Chinese state banks intermediate domestic foreign exchange deposits, their activities extend beyond this role. He acknowledged that this perspective is also shared by other sources, including the PBOC.

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Setser recently commented on declining foreign exchange reserves in oil-importing countries such as Turkey and India. He also addressed differences between Chinese export statistics and U.S. import data in the context of tariff fraud. These observations have focused on data transparency and foreign exchange activity.

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