PBOC Extends Gold Buying Streak to 21 Months, Adding 20 Tons in July 2026 to Diversify Reserves
The People's Bank of China (PBOC) continued to bolster its gold reserves in July 2026, adding approximately 640,000 ounces—equivalent to nearly 20 tons—to its stockpile. This marks the central bank's largest single monthly increase since October 2023.
PBOC Gold Holdings Overview (July 2026)
Monthly Addition: ~640,000 ounces (20 tons)
Total Official Holdings: 76.08 million ounces (2,366 tons)
Total Valuation: Exceeds $306 billion
Buying Streak: 21 consecutive months
Strategic Long-Term Management
This latest acquisition extends the PBOC’s gold-buying spree to a 21st consecutive month, marking its longest uninterrupted streak of accumulating the yellow metal. The July purchase follows a 15-ton addition in June, which had brought the country's total holdings to approximately 2,346 tons, according to data from the World Gold Council.
The significance of China's sustained purchasing lies in its approach: the central bank does not treat gold as a short-term speculative asset, but rather as a foundational element of its long-term reserve management strategy. These acquisitions align with a broader global trend of central banks aggressively expanding their gold reserves, solidifying official sector demand as a crucial structural driver in the precious metals market.
Diversification and De-dollarization
China’s continuous purchases reflect a deliberate pivot toward diversifying its reserves and reducing its relative reliance on US dollar-denominated assets, particularly amid escalating global economic and geopolitical uncertainties. As previously noted by Reuters, the acceleration of China’s gold purchases is part of a broader macroeconomic strategy to diversify away from the US dollar.
While this does not imply that China is entirely abandoning the greenback or fully replacing its foreign exchange reserves with gold, the persistent buying clearly underscores the growing strategic weight of the yellow metal within the Chinese official reserve ecosystem.