China's gold reserves jumped to $350.08 billion at the end of August, up sharply from $306.35 billion at the end of July. The People's Bank of China has now bought gold for 21 straight months through July, its longest streak on record.
The People's Bank of China reported gold reserves worth $350.08 billion at the end of August, a sharp rise from $306.35 billion a month earlier. The central bank has not yet confirmed how much of that jump came from fresh purchases versus rising gold prices.
A record buying streak
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, official holdings stood at 76.08 million fine troy ounces, roughly 2,366 tonnes, up from 75.44 million ounces at the end of June.
That meant July alone added 640,000 ounces, about 20 tonnes — the largest single-month addition since October 2023. Earlier months in 2026 saw smaller increases, ranging from 160,000 ounces in March up to July's 640,000 ounces. Year-to-date through July, the PBOC had added approximately 60 tonnes to its reserves.
Why Beijing keeps buying
Gold now 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 after the 2022 invasion of Ukraine showed that dollar-denominated assets could be frozen overnight, while gold sitting in domestic vaults can't be sanctioned.
Independent analysts have long suggested China's actual gold holdings may be higher than the official figures indicate. The PBOC has historically reported in batches, sometimes going years without updating its gold data before revealing large jumps, though it resumed regular disclosures in late 2024.
The $350 billion question remains open
The jump from $306.35 billion to $350.08 billion is striking even accounting for continued purchases at the July pace, suggesting gold prices themselves moved substantially during August and lifted the value of China's existing stockpile. As of early September, no public data has confirmed the August purchase figures, and the market is still awaiting a comprehensive breakdown of the PBOC's activity during the month.
Source: Crypto Briefing
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