People's Bank of China Gold Reserves Reach $350 Billion Valuation

The People's Bank of China reported that its gold reserves were valued at $350.08 billion at the conclusion of August. This figure represents an increase from the $306.35 billion valuation recorded at the end of July.

The valuation shift is attributed to both ongoing physical gold purchases and movements in gold prices during the month. Through July 2026, the central bank had maintained 21 consecutive months of gold buying, marking the longest streak in its history.

Official holdings at the end of July totaled 76.08 million fine troy ounces, or approximately 2,366 tonnes. This reflected an increase of 640,000 ounces from the previous month, which was the largest single-month addition since October 2023. Year-to-date through July, the institution added roughly 60 tonnes of gold to its reserves.

Gold currently accounts for about 8% of China's total foreign-exchange reserves, which were valued at approximately $3.42 trillion at the end of July. Analysts have noted that gold held in domestic vaults is not subject to the freezing of assets, a risk highlighted by Western sanctions on Russia's central bank reserves following the 2022 invasion of Ukraine.

While the People's Bank of China resumed regular disclosures of reserve increases in late 2024, independent analysts have suggested that actual holdings may exceed official figures. The market is currently awaiting further reports to confirm the details of the bank's activities during August.