China’s gold reserves valued at $350B at end of August

China’s gold pile just got a lot shinier. The People’s Bank of China reported gold reserves valued at $350.08 billion at the end of August, a significant jump from the $306.35 billion reported at the end of July.

The longest buying streak in PBOC history

Through July 2026, the PBOC had recorded 21 consecutive months of gold buying, the longest streak ever documented in its history.

At the end of July, China’s official holdings stood at 76.08 million fine troy ounces, roughly equivalent to 2,366 tonnes. That was up from 75.44 million ounces at the end of June, meaning July alone saw an addition of 640,000 ounces, or about 20 tonnes.

The July purchase was the largest single-month addition since October 2023. Earlier months in 2026 saw smaller, more incremental increases, with monthly contributions ranging from 160,000 ounces in March up to the 640,000 ounces recorded in July.

Year-to-date through July, the PBOC had added approximately 60 tonnes of gold to its reserves.

Why Beijing keeps buying

Gold currently makes up approximately 8% of China’s total foreign-exchange reserves, which stood at around $3.42 trillion at the end of July.

Western sanctions on Russia’s central bank reserves following the 2022 invasion of Ukraine demonstrated that dollar-denominated assets could be frozen overnight. Gold sitting in domestic vaults can’t be sanctioned.

Independent analysts have long suggested that China’s actual gold holdings may be significantly higher than official figures indicate. The PBOC has historically reported in batches, sometimes going years without updating its gold data before revealing large jumps. Following a prolonged period of opacity, the PBOC resumed regular disclosures of gold-reserve increases in late 2024.

The $350 billion question

The jump from $306.35 billion at end-July to $350.08 billion at end-August is striking. Even accounting for continued physical purchases at the July pace, the magnitude of the increase suggests gold prices themselves moved substantially during the month, amplifying the valuation of China’s existing stockpile.

As of early September, no public data has confirmed the August figures, and the market is still awaiting comprehensive reports on PBOC’s activities during this period.

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