China shifted dollar reserves to less transparent state entities, Michael Pettis notes

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01.05.2026

China shifted dollar reserves to less transparent state entities, Michael Pettis notes — China moves dollar assets to banks

Michael Pettis, industry influencer, explains that China has not truly de-dollarized but instead transferred its dollar holdings from official reserves at SAFE to less transparent state-controlled entities, including banks and investment funds.

This perspective highlights ongoing shifts in how China manages its foreign dollar assets.

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Pettis has recently commented on several industry trends. He reported that China’s top 100 developers recorded a 23 percent decline in sales in the first quarter of 2026, while the existing home market remained resilient here. He also noted that leading Chinese solar manufacturers increased prices following the removal of an export VAT rebate here. These developments add further context to his observations on China's currency and asset management strategies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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