China's foreign exchange reserves grew for a third consecutive month in March, rising 0.42 percent month-on-month to $3.2407 trillion, according to official data released on Monday. An expert said that this trend showcases the world's second-largest economy's resilience amid external risks marked by growing protectionism and uncertainties.

This also marked the 16th consecutive month that China's foreign exchange reserves remained above the $3.2 trillion threshold, according to data from the State Administration of Foreign Exchange (SAFE).

Due to the combined effects of factors such as exchange rate conversion and changes in asset prices, the size of foreign exchange reserves increased in the month, the SAFE said in a notice, while noting that the US Dollar Index and global financial asset prices declined in March due to factors including macroeconomic data, fiscal and monetary policies, and market expectations in major economies.

The SAFE emphasized that China's economy has maintained overall stability with steady progress, as a series of existing and incremental policies continued to take effect and high-quality development steadily advanced, providing support for maintaining the basic stability of the foreign exchange reserve scale.

"The steady growth in foreign exchange reserves reflects both the resilience of China's economy and the strength of its foreign trade," Tan Xiaofen, a professor at the School of Economics and Management at Beihang University, told the Global Times on Monday.

Tan highlighted the significance of maintaining steady foreign reserve growth. "It enables China to safeguard stability in cross-border capital flows and the yuan's exchange rate, while also boosting market resilience and investor confidence. This strengthens the country's capacity to withstand external shocks, including trade tensions."

The rise in foreign exchange reserves reflects an expanding trade surplus and growing foreign investment in China, Wang Yiwei, director of the Institute of International Affairs at Renmin University of China, told the Global Times on Monday.

"The trend demonstrates that China's economy remains highly competitive within the global economic landscape, particularly in the manufacturing and export sectors," Wang said, noting that the figure is an indication of a sound balance of payments, sending a signal to international markets that China's economy possesses strong resilience amid global economic volatility.

Meanwhile, China's gold reserves stood at 73.7 million ounces as of the end of March, up by 90,000 ounces from February, data from the SAFE showed on the same day. This was the fifth straight month that the central bank increased its gold holdings.

Wang noted that boosting gold reserves is also an important measure to enhance national financial security. Amid international economic and financial turbulence triggered by the US' protectionist tariffs, central banks worldwide are seeking ways to hedge against risks, with gold emerging as a favored option, he added.

In 2025, even as volatility in international financial markets increases, China's adoption of more proactive macroeconomic policies, all-around efforts to expand domestic demand and sustained economic recovery will further solidify the internal foundation for stable international payments, according to a report from the SAFE on March 28.

Since the start of 2025, China's current account has continued to maintain a reasonable surplus, foreign investment in domestic stocks and bonds has increased, and the willingness to hold yuan assets has increased, the report said.

The foreign exchange authorities will actively support efforts to stabilize foreign trade and investment, steadily expand institutional opening-up in the foreign exchange sector, and focus on preventing and mitigating external risks to maintain a basic balance in international payments, per the SAFE report.

原文链接：[环球时报]China’s March forex reserves rise to over $3.24t, reflecting economic resilience