Overview

• Official SAFE data show a 1.24-tonne addition in September, lifting China’s reported holdings to 2,303.52 tonnes.
• The stated value of China’s gold rose to $368.89 billion in September from $364.31 billion in August as prices hit new highs.
• Since resuming purchases in November 2024, the PBOC has added 39.2 tonnes, including 22.7 tonnes so far in 2025 after 44.2 tonnes in 2024.
• Gold accounts for 7.7% of China’s total reserves, which is well below the proportions held by many Western central banks.
• World Gold Council data show central banks were net buyers of 15 tonnes in August, with Kazakhstan, Bulgaria, Turkey, Uzbekistan, the Czech Republic, and Ghana adding and Russia and Indonesia selling, while COMEX December gold traded near $3,970 an ounce.