#China’sGoldReservesHit15-MonthHigh

China's Gold Reserves Reach a 15-Month High:

As of the latest official data released in early February 2026 (covering end-January 2026 figures), China's gold reserves have climbed to their highest level in the past 15 months — and in dollar-value terms, this marks an all-time record high for the reserves. The People's Bank of China (PBOC), the country's central bank, extended its consistent monthly gold accumulation to a full 15 consecutive months, a streak that resumed in November 2024 after a brief pause earlier that year.
This development continues to draw significant attention from investors, analysts, and global markets, as it underscores China's long-term strategic positioning in an era of heightened geopolitical tensions, trade uncertainties, and evolving global reserve dynamics.
Latest Official Numbers (End-January 2026)
Gold holdings in ounces: 74.19 million fine troy ounces (up 40,000 ounces from December 2025's 74.15 million ounces).
Gold holdings in tonnes: Approximately 2,308 metric tonnes (an increase of about 1.2 tonnes in January alone, per World Gold Council-aligned reporting).
Dollar value of gold reserves: Surged to $369.58 billion (some reports round to $369.6 billion), a massive jump from $319.45 billion at the end of December 2025.
Share of total foreign exchange reserves: Gold now represents about 9.6% of China's overall reserves (up gradually as purchases continue and gold prices rise).
Overall foreign exchange reserves: China's total FX reserves rose to nearly $3.4 trillion (specifically $3.3991 trillion), marking a six-month upward trend and a 10-year high in some metrics.
The sharp value increase in January was driven by two main factors:
The PBOC's modest but steady addition of gold.
Gold's explosive price performance in January 2026 — the metal recorded one of its strongest January gains in history, briefly surging near or above $5,600 per ounce amid speculative buying, before pulling back somewhat in early February but reclaiming levels around $5,000+ per ounce.
Historical Timeline of the Buying Streak
The current 15-month run began in November 2024.
It followed a pause: The PBOC had previously ended an 18-month buying streak in May 2024, halting after aggressive accumulation in prior years.
Purchases resumed six months later and have been remarkably consistent — typically adding around 40,000 ounces (≈1.2 tonnes) per month since March 2025, a deliberate and measured pace that avoids disrupting markets while steadily building reserves.
This makes it one of the longest uninterrupted central bank gold-buying campaigns in recent history, especially notable given the elevated gold prices throughout the period.
Deeper Reasons Behind China's Sustained Gold Accumulation
China's strategy is multi-layered and forward-looking:
De-dollarization and reserve diversification
China has steadily trimmed its U.S. Treasury holdings (now in the $680–700 billion range, down significantly from peaks). Gold serves as a "neutral" asset — no counterparty risk, immune to sanctions or freezes, and uncorrelated with dollar-based debt instruments.
Protection against geopolitical and sanctions risks
In a world of trade wars, tariff escalations (including recent U.S. policy moves), regional conflicts, and weaponization of financial systems, gold provides insulation. It cannot be easily confiscated or restricted like bank deposits or bonds.
Inflation and currency hedging
Gold historically preserves purchasing power during periods of inflation, fiat currency weakening, or economic instability. With ongoing global uncertainties, this acts as a long-term stabilizer for reserve value.
Alignment with broader global central bank trends
Central banks worldwide remain net buyers (e.g., 863 tonnes in 2025, though down from peak years). Major players like Poland, India, Turkey, and others are also increasing allocations. China's scale positions it as a leader in reinforcing gold's role as a core reserve asset.
Domestic policy synergy
Official buying complements robust private-sector demand in China — record inflows into gold ETFs (RMB 44 billion in January 2026 alone, pushing AUM to all-time highs of RMB 333 billion), strong consumer purchases during festivals, and high physical bar/coin demand (up over 35% in recent years). This creates a self-reinforcing cycle of demand supporting higher prices.
Market and Economic Implications
Structural support for gold prices → Central bank demand (especially from a heavyweight like China) creates a reliable floor. Even after volatility (e.g., sharp corrections post-January highs), gold has held above key levels like $5,000/oz, with analysts viewing dips as accumulation opportunities.
Signal of long-term caution → The PBOC's actions suggest preparation for prolonged uncertainty — from U.S. fiscal policies, potential "fiscal dominance" in global markets, trade frictions, and monetary system shifts.
Comparison to peers → While China's monthly additions are modest compared to past peaks, the consistency stands out. Gold's share of reserves (9.6%) remains below some emerging-market peers but is rising steadily.
Not speculative trading → These are strategic, gradual moves — not short-term bets. The PBOC avoids large, market-moving purchases to maintain stability.
Quick Summary & Forward Outlook
Headline essence: China's gold reserves hit a 15-month (and dollar-value all-time) high at ~$369.6 billion by end-January 2026, with the PBOC buying gold for the 15th straight month.
Core motivation: Building financial resilience through diversification, hedging, and sovereignty in reserves amid global risks.
What to watch next: February 2026 data (expected mid-March) — if the streak continues, it would mark 16 months. Any acceleration or pause could influence sentiment.
Broader message: In uncertain times, gold's timeless appeal as a safe-haven endures, backed by official actions from major economies.
Data is sourced from official PBOC/State Administration of Foreign Exchange releases, World Gold Council reports, Reuters, Bloomberg, and other major financial outlets (as of late February 2026). Markets evolve rapidly — for the absolute latest prices, reserve updates, or charts, check trusted sources like the World Gold Council, Bloomberg, or official Chinese financial portals. If you'd like expansions on gold price drivers, comparisons to other central banks, domestic Chinese demand trends, or anything related, just say the word! 📈