China's central bank adds to gold reserves for 23rd straight month
Version 2: More outlets have reported the reserve figures, and new coverage adds the market reaction, investment bank gold price forecasts, analyst explanations for the buying and a World Gold Council survey of reserve managers.
In short
China's gold reserves stood at 77.47 million ounces, or about 2,409.59 tonnes, at the end of September, up 740,000 ounces (about 23.02 tonnes) from 76.73 million ounces (about 2,386.57 tonnes) at the end of August, according to figures carried by CLS, Yicai, 36Kr and Jiemian and disclosed by the central bank on October 7 per China News Service. It is the 23rd consecutive monthly increase, and the September rise was larger than August's 650,000 ounces.
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China's gold reserves stood at 77.47 million ounces, or about 2,409.59 tonnes, at the end of September, up 740,000 ounces (about 23.02 tonnes) from 76.73 million ounces (about 2,386.57 tonnes) at the end of August, according to figures published by CLS, Yicai, 36Kr and Jiemian. China News Service reported that the central bank disclosed the data on October 7. The increase marks the 23rd consecutive month in which the central bank has added to its gold holdings. The documents give no monetary value for the reserves. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
The September rise was larger than the 650,000 ounces added in August, TMTPost and Yicai reported. Yicai also reported that China's foreign exchange reserves edged lower in September, without giving a figure. [ 1 , 7 ]
The reserve data came as the gold price weakenened. TMTPost reported that spot gold fell below $4,150 an ounce, to $4,143.06, down 0.51% on the day as of 12:04 on October 7. The same outlet reported that HSBC on October 1 cut its 2026 average gold price forecast by $70 to $4,490 an ounce and its 2027 forecast by $100 to $4,825, citing the expectation of further US interest rate increases and higher oil prices. Other banks differed: Goldman Sachs expected gold to reach $4,900 in December 2026, JPMorgan cut its year-end target from about $6,000 to $4,500, and Bank of America lowered its full-year average forecast from $5,093 to $4,360. Chinese brokerages also diverged, with Guoxin Securities recommending a range-trading approach and Dongfang Jincheng seeing the price weakening within a range as hawkish expectations compete with structural demand. [ 1 ]
Asked why China continues to buy, Zhao Qingming, chief economist at Beijing Longhe Investment, told China News Service that China's gold reserves rank among the world's largest but that gold accounts for a notably low share of its official international reserves, so increasing holdings is reasonable from the point of view of optimising reserve structure, and that recent relatively low gold prices make purchases reasonable. Wang Qing, chief macro analyst at Dongfang Jincheng, said gold is a widely accepted final means of payment, that central bank purchases can strengthen confidence in the sovereign currency and create favourable conditions for prudently advancing RMB internationalisation, and that continued buying is the general direction. [ 6 ]
China News Service also cited the World Gold Council's 2026 survey of global central bank gold reserves, in which 45% of surveyed reserve managers said they expected their institution to increase gold reserves over the next 12 months. [ 6 ]
Why it matters
The monthly change in the central bank's gold holdings is treated as a market-relevant figure by the business and technology outlets that carried it, and analysts quoted by China News Service tie continued purchases to the share of gold in China's official reserves and to support for RMB internationalisation. Gold is a globally traded asset, so the data and the accompanying investment-bank price forecasts are of interest beyond China, though the documents give no official statement of motive or any figure for the holdings' market value.
Key facts
- China's gold reserves at the end of September were 77.47 million ounces, or about 2,409.59 tonnes. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- Reserves rose 740,000 ounces, or about 23.02 tonnes, from the end of August. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- At the end of August, reserves were 76.73 million ounces, or about 2,386.57 tonnes. [ 1 , 2 , 4 , 5 , 6 ]
- The central bank has increased its gold reserves for 23 consecutive months. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- September's increase was larger than the 650,000 ounces added in August. [ 1 , 7 ]
- Yicai reported that China's foreign exchange reserves edged lower in September, without giving a figure. [ 7 ]
- Spot gold fell below $4,150 an ounce to $4,143.06, down 0.51% on the day, as of 12:04 on October 7, according to TMTPost. [ 1 ]
- HSBC on October 1 cut its 2026 average gold price forecast by $70 to $4,490 an ounce and its 2027 forecast by $100 to $4,825, while Goldman Sachs, JPMorgan and Bank of America gave differing targets, TMTPost reported. [ 1 ]
Confirmed by several sources
- China's gold reserves stood at 77.47 million ounces, about 2,409.59 tonnes, at the end of September. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- Reserves increased by 740,000 ounces, about 23.02 tonnes, from the end of August, when they were 76.73 million ounces, about 2,386.57 tonnes. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- The central bank has added to its gold reserves for 23 consecutive months. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- The September increase was higher than the 650,000 ounces added in August. [ 1 , 7 ]
- The central bank disclosed the September reserve figures on October 7, according to China News Service. [ 6 ]
Still unclear
- Why the central bank has continued to increase its gold reserves. China News Service quotes analysts giving reasons, but no document contains an official statement of motive from the central bank.
- The market value of the gold reserves and the size of the September change in foreign exchange reserves. The documents give the weight of the gold holdings but no monetary value, and Yicai says only that foreign exchange reserves edged lower in September without a figure.
- The direction of the gold price. TMTPost reports that HSBC, Goldman Sachs, JPMorgan, Bank of America, Guoxin Securities and Dongfang Jincheng gave differing or revised views, with forecasts ranging from expectations of further pressure to continued upward potential.
- When exactly the central bank released the data. Only the outlets' publication times are given; no document states the official release time.
What local media are saying
Timeline, local time
- TMTPost publishes the September reserve figures, the fall in spot gold and a round-up of gold price forecasts. [ 1 ]
- CLS reports the September and August reserve figures and the 23rd consecutive monthly increase. [ 2 ]
- Yicai reports the 23rd consecutive month of increases. [ 3 ]
- 36Kr carries the reserve figures, citing CLS. [ 4 ]
- Jiemian repeats the September and August reserve figures. [ 5 ]
- Spot gold stands at $4,143.06 an ounce, down 0.51% on the day, according to TMTPost. [ 1 ]
- China News Service reports the figures, attributed to the central bank, with analyst commentary. [ 6 ]
- Yicai reports that September foreign exchange reserves edged lower and repeats the 23-month gold buying streak. [ 7 ]