Brad Setser: State banks in China have steadily accumulated foreign assets despite currency swings

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05.08.2026

Brad Setser: State banks in China have steadily accumulated foreign assets despite currency swings — China state banks grow foreign assets

Brad Setser highlights that drops in Chinese state banks' net foreign assets during times of CNY weakness have historically been smaller than the rises seen during CNY strength.

According to Setser, this pattern means that the state financial system in China has consistently accumulated foreign assets on a net basis.

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Setser has previously commented on currency impacts within the auto sector, noting how a weak yen allows Toyota to maintain its global competitiveness against Chinese automakers. He has also addressed sovereign financing issues, reporting on Argentina’s decisions around new bond issuance in relation to external interest rates. These topics reflect Setser’s ongoing focus on the intersection of global currencies and financial policy.

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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