China’s central bank added 740,000 ounces of gold to its reserves in September, its largest monthly purchase since October 2023. The buying came as gold fell over 6%.
The People’s Bank of China (PBOC) lifted its holdings to 77.47 million fine troy ounces from 76.73 million in August. September also marked its 23rd straight month of gold buying.
How China’s Gold Buying Picked Up Pace Through 2026
The September addition works out to roughly 23 tonnes. It matched October 2023, when holdings also rose by 740,000 ounces, State Administration of Foreign Exchange (SAFE) records show.
Purchases have grown every month since March, when the PBOC added 160,000 ounces. September was the seventh straight month of larger additions. In August, China added 650,000 ounces while gold climbed nearly 10%, BeInCrypto reported.
The World Gold Council (WGC) placed China’s 2026 purchases at 80 tonnes through August. That ranked second only to Poland, which bought 98 tonnes. Adding September lifts China to roughly 103 tonnes for the year.
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Gold’s Slide Shrank the Value of China’s Reserves
Gold closed September at $4,157.14, down from $4,449.24 at the end of August, market data shows. That drop erased about 72% of August’s $404 gain.
The September close also left gold 21.2% below its February close of $5,278.51, the highest monthly close of 2026.
China’s reserve valuation moved lower too. The value of its gold reserves fell to $323.52 billion from $350.08 billion. The PBOC still held more gold than a month earlier.
SAFE also reported China’s foreign exchange reserves at $3.4 trillion at the end of September. That figure was down $38.1 billion from the end of August.
The decline has carried into October. At press time, gold traded at $4,122.25, down 0.84% from its September close. It has dipped as low as $4,103.52 this month.
The PBOC’s October data will show whether purchases keep growing while prices sit below their August level.
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