China Gold Reserves: What the PBoC Reports
China’s gold reserves stood at 77.47 million fine ounces at the end of September 2026 according to the People’s Bank of China (PBoC), which is around 2,410 tonnes. The central bank has thus increased its holdings for the 23rd month in a row. Measured against total foreign reserves, however, China’s gold share is low at 9.5 per cent.
How much gold does China have?
The PBoC reports its gold holdings monthly in millions of fine ounces. At the end of September 2026 they were 77.47 million ounces, up from 76.73 million at the end of August. The increase of 0.74 million ounces corresponds to around 23 tonnes and was the largest monthly purchase in almost three years.
This puts China in sixth place in the World Gold Council ranking. Despite the purchases, the dollar value of the reserve fell to US$323.52 billion in September because the gold price fell.
For comparison: at the end of October 2025 the reported holdings were still around 2,304 tonnes. Within just under a year, a good 100 tonnes were added.
How does the PBoC report its gold reserves?
In the past, China did not report its gold holdings continuously. In April 2009 the PBoC stated 1,054 tonnes. The next figure did not come until July 2015: 1,658 tonnes, around 60 per cent more. There were no reports in between. By the end of July 2015 it already reported 1,677.3 tonnes. Since then the PBoC has published monthly figures. Even the 2015 figure was below the expectations of many market observers.
There are also gaps in the monthly reports. After 18 months of purchases, the PBoC reported no additions from May to October 2024, when the gold price was reaching records. In November 2024 it resumed purchases; the holdings then rose from 72.80 to 72.96 million ounces. The reports contain no information on storage sites.
Doubts about the reported figures
Analysts suspect that China buys more gold than the PBoC reports. Analysts at Société Générale estimated in November 2025 that China’s actual purchases in 2025 were around ten times higher than reported: about 250 instead of 25 tonnes. To do so, they compared gold imports, domestic mine production, British gold exports and the official reserves.
Bruce Ikemizu of the Japan Bullion Market Association suspects that the PBoC’s reserves are more than twice as high as reported. These estimates are not proven. They are based on inferences from trade data, not on official figures.
Why is China buying gold?
China holds most of its foreign reserves in foreign currencies. Gold is a reserve that does not depend on another government. The PBoC itself does not explain its individual purchases in the monthly reports.
With a gold share of 9.5 per cent, China is well below the large Western holders such as the United States, Germany, Italy or France, whose share is over 80 per cent.
China in the global buying boom
In 2026, alongside Poland, Uzbekistan and Kazakhstan, China is one of the largest buyers among central banks. According to the World Gold Council, the PBoC had bought around 80 tonnes by the end of August 2026; only Poland bought more. In August alone it was 20 tonnes, and the gold share of reserves was then around 9 per cent. September added around 23 more tonnes.
The purchases are spread evenly over the year. This fits the World Gold Council’s view that many central banks follow long-term buying programmes and react less to short-term price movements. The Czech Republic has also been buying for more than 40 months in a row, and Poland is aiming for holdings of 700 tonnes.
