Brad Setser: China state financial system foreign assets near $6 trillion

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Mikhail Vnuchkov

30.06.2026

Brad Setser: China state financial system foreign assets near $6 trillion — China financial system foreign assets rise

Brad Setser highlights that BIS data indicates a $2.5 trillion net foreign asset position for China's banking system, with most of it held in foreign exchange. When combining this with reported foreign exchange reserves, total net foreign assets across the People's Bank of China and the state financial system approach $6 trillion.

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Setser previously noted that China's holdings of Treasuries in U.S. custodians have fallen to an 18-year low, clarifying that some positions are not captured by official U.S. data. He has also examined China's reliance on net exports for growth. Together, his recent comments point to the scale and complexity of China's overseas assets.

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