China Extends Gold-Buying Streak to 23 Consecutive Months

What changed

China’s central bank said its gold reserves reached 77.47 million ounces at the end of September, up 740,000 ounces from the previous month.

That extends its buying streak to 23 consecutive months. Gold now accounts for a relatively small share of China’s official reserves, while 45% of reserve managers surveyed by the World Gold Council expected their institutions to add gold over the next year.

Why it matters

This is a slow, deliberate reshaping of China’s reserve cushion. Gold is widely accepted as a final means of payment, and holding more of it reduces reliance on any single currency or financial system. Chinese economists say that can strengthen confidence in the renminbi and support its international use.

That last step remains uncertain: more gold may improve the currency’s credibility, but it does not by itself guarantee that the renminbi will be used more widely abroad.

The immediate signal is clearer. China is treating gold as a long-term reserve asset, not a one-off trade. With gold prices described as relatively low, officials have a practical reason to keep adding, and the 23-month streak suggests the policy direction is unlikely to change quickly.