Amid Global Energy Crisis, China's Foreign Exchange Reserves Hit 10-Year High

Amid global energy crisis and instability, IEA Executive Director Fatih Birol assessed the current crisis as more severe than the combined impacts of the 1973, 1979, and 2022 energy shocks. He warned that if the Strait of Hormuz remains closed throughout April, the shortage of crude oil and petroleum products could double compared to March.

According to statistics released by China's State Administration of Foreign Exchange on April 7, China's foreign exchange reserves stood at $3.3421 trillion as of the end of March 2026, a decrease of $85.7 billion (2.5%) from the previous month. Reserves have remained stably above the $3.3 trillion mark for eight consecutive months, marking the highest level in a decade.

The People's Bank of China's gold holdings reached 74.38 million ounces at the end of March, an increase from 74.22 million ounces the previous month. This marks the 17th consecutive month of gold purchases.

The Securities Association of China announced that a cumulative 105 billion yuan (approximately 23 trillion Korean Won) in funds has been supplied to the A-share market through the Securities, Funds, and Insurance Companies Swap Organization (SFISF).

The National Development and Reform Commission (NDRC) had set the price mechanism standard to increase gasoline and diesel prices by 800 yuan and 770 yuan per ton, respectively, as of 24:00 on April 7. However, the actual price hike was moderated to 420 yuan and 400 yuan. Lu Zhichen, deputy director of the NDRC's Price Cost Certification Center, explained that this measure reduced the burden by 380 yuan and 370 yuan per ton, respectively.

Ophir Pharmaceutical (002107.SZ), which was the first on the A-share market to announce its first-quarter earnings, reported a 60.32% year-on-year increase in net profit. Semiconductor firm Hifonts Information (688041.SH) also announced its first-quarter net profit reached 687 million yuan, a growth of 35.82%.