Greater China Banks Daily: China’s June FX reserves slightly dipped while gold holdings rose for 20th month; PBOC backs HK financial hub role with four priorities

Research evidence excerpt

Greater China Banks Daily: China’s June FX reserves slightly dipped while gold holdings rose for 20th month; PBOC backs HK financial hub role with four priorities

Global Research

8 July 2026ab

Greater China Banks Daily Equities

ChinaChina’s June FX reserves slightly dipped while

gold holdings rose for 20th month; PBOC backs Banks

HK financial hub role with four priorities MayAnalystYan

may.yan@ubs.com

+852-2971 7157

China’s June FX reserves slightly dipped while gold holdings rose for 20th Alex Ye

Analystmonth

S1460522090005

People’s Daily Online, Jul 7: SAFE data show China’s FX reserves stood at USD3.4163tn alex.ye@ubs.com

at end-June, down USD26.0bn or 0.75% MoM. SAFE attributed the decline mainly to FX +86 755 2215 8858

translation and asset-price effects, as the dollar index rose and global financial assets

Catherine Yang, CFA

delivered mixed performance amid shifting macro data and central-bank policy Analyst

expectations. Officials said China’s stable economy and improving growth structure S1460526010003

should help keep reserves broadly stable. Separately, China’s official gold reserves rose catherine-za.yang@ubs.com

to 75.44mn ounces at end-June, up 0.48mn ounces from May, marking the 20th +86-755-2215 8860

consecutive monthly increase. The 0.48mn ounce rise marked the biggest monthly Helen Li, CFA

addition since October 2023, despite a sharp decline in gold prices in June as spot gold Analyst

tumbled 11.65%. helen-za.li@ubs.com

+852-2971 6066

PBOC backs HK financial hub role with four priorities

The Paper, Jul 7: PBOC Governor Pan Gongsheng, addressing the Hong Kong Fixed

Income and Currency Summit cum Bond Connect Forum on July 7, laid out four

priorities for Hong Kong's financial hub role: (1) backing the HKMA to expand the RMB