October 10, 2026
PBoC Adds 21 Tonnes, Extending Buying Streak
China’s central bank increased its official gold reserves by 21 tonnes in September, lifting reported holdings to 2,196 tonnes at month‑end. The purchase marked the 23rd consecutive month of additions and was the largest single‑month increase in three years. In volume terms, the September intake equates to roughly 675,000 troy ounces.
The latest move came as bullion prices declined over the month, and it surpassed the scale of recent monthly purchases. The step‑up underscores a steady, methodical approach to reserve accumulation through varied market conditions.
Largest Monthly Addition Since September 2023
September’s 21‑tonne increase was the biggest monthly gain since September 2023, when holdings rose by 24 tonnes. The year‑on‑year comparison highlights a renewed pace in the central bank’s gold buying after several months of smaller additions. With September’s intake, total reported holdings reached 2,196 tonnes at the end of the month.
Measured against the multi‑year trend, the central bank’s activity continues a persistent accumulation pattern that has run without interruption for nearly two years. While month‑to‑month volumes have varied, the direction has remained consistent, indicating that gold retains a defined role within China’s broader reserve management framework.
Market Backdrop And Reserve Composition
The timing of the purchase alongside September’s softer bullion prices suggests opportunistic execution within a structured program. Without disclosing operational details, the central bank’s report of higher tonnage at month‑end confirms that physical additions were concluded during a period of price consolidation.
Gold’s contribution to reserve stability is typically framed in the context of diversification and liquidity over long horizons. The continuation of net additions in September reinforces that framing. Beyond the headline tonnage, the extended run of monthly buying is notable in itself, signaling sustained official‑sector interest irrespective of short‑term price fluctuations.
As of end‑September, China’s declared gold position of 2,196 tonnes places it among the largest official holders globally by weight. The September purchase adds to that base and sets a higher starting point for the fourth quarter, with the prior three‑year peak in monthly buying now matched by a fresh uptick in pace.
For investors assessing precious‑metals exposure, ongoing official‑sector accumulation highlights the role of allocated, vaulted metal in reserve strategies focused on tangible holdings and settlement certainty.
