China's Gold Reserves Soar to $350B Amid 21-Month Buying Streak

China's gold reserves have seen a significant boost, reaching $350.08 billion at the end of August, according to the People's Bank of China (PBOC). This marks a substantial increase from the $306.35 billion reported at the end of July.

The PBOC has been on a 21-month buying streak, the longest in its history. In July alone, it added 640,000 fine troy ounces, equivalent to around 20 tonnes, making it the largest single-month addition since October 2023.

Gold currently accounts for approximately 8% of China's total foreign-exchange reserves, which stood at around $3.42 trillion at the end of July. The PBOC has historically reported gold-reserve increases in batches, and some analysts have suggested that China's actual gold holdings may be significantly higher than official figures indicate.

The sudden jump in valuation suggests that gold prices themselves moved substantially during August, amplifying the value of China's existing stockpile. As of early September, no public data has confirmed the August figures, leaving the market awaiting comprehensive reports on PBOC's activities.