PBOC Extends Gold Buying to 19th Straight Month; FX Reserves Hit Decade High of $3.44 Trillion
The People's Bank of China added 320,000 troy ounces — 9.95 tonnes — of gold to its reserves in May, official data released June 7 showed, lifting holdings to 74.96 million ounces (2,331.52 tonnes) and extending its buyi.
At a glance
- PBOC added 320,000 troy ounces (9.95 tonnes) of gold in May 2026, the 19th consecutive monthly purchase
- Total gold holdings reached 74.96 million ounces (2,331.52 tonnes)
- The 19-month streak is the longest since regular disclosures began in 2015
- China's FX reserves rose $31.7 billion to $3.4422 trillion at end-May, highest since November 2015
- Reserves have stayed above $3.3 trillion for ten consecutive months
VERDICT — CONFIRMED
The People's Bank of China added 320,000 troy ounces — 9.95 tonnes — of gold to its reserves in May, official data released June 7 showed, lifting holdings to 74.96 million ounces (2,331.52 tonnes) and extending its buying streak to 19 months, the longest run since the central bank began publishing more regular updates in 2015. Bloomberg reported the purchase came even as bullion prices stayed under pressure, with the PBOC continuing to accumulate through the price weakness; Kitco News detailed the May figures on June 8 as markets opened.
China's foreign exchange reserves rose to $3.4422 trillion at the end of May, up $31.7 billion or 0.93% from April — the highest level since November 2015 — and have now held above $3.3 trillion for ten consecutive months. The sustained official gold demand comes as emerging-market central banks drive global purchases amid elevated geopolitical risk from the Middle East war, sanctions precedents set by the freezing of Russian central bank reserves, and renewed questions over dollar exposure.
Beijing's reserve accumulation also coincides with reports of Chinese reallocation away from US Treasuries toward bullion.
Why it matters
nineteen unbroken months of PBOC gold accumulation — now paired with decade-high FX reserves — confirms that de-dollarization of official reserves is a structural policy trend, not an opportunistic trade, with direct implications for Treasury demand and the sanctions architecture.
Key facts on file
- PBOC added 320,000 troy ounces (9.95 tonnes) of gold in May 2026, the 19th consecutive monthly purchase
- Total gold holdings reached 74.96 million ounces (2,331.52 tonnes)
- The 19-month streak is the longest since regular disclosures began in 2015
- China's FX reserves rose $31.7 billion to $3.4422 trillion at end-May, highest since November 2015
- Reserves have stayed above $3.3 trillion for ten consecutive months
