China adds to state gold reserves for 17 consecutive months

China’s central bank has continued to add to its gold reserves for the 17th consecutive month in March 2026, according to official data. The People’s Bank of China (PBoC) added approximately 5 tonnes of gold in March, bringing its total holdings to 2,262 tonnes (72.74 million troy ounces). This marks a 0.2% increase in the country’s gold reserves, though the monthly addition is the smallest since November 2022.

The PBoC’s ongoing gold purchases have contributed to a broader trend of central bank demand, with global reserves rising for nine consecutive months in early 2024. In the first three months of 2024, China added 27 tonnes of gold to its reserves. The central bank’s strategy appears to be part of a broader effort to diversify its foreign exchange reserves, which reached $3.2457 trillion in March 2026—the highest level since December 2021.

The PBoC’s gold accumulation has also supported the price of gold, which has reached record levels in recent months. Analysts attribute this trend to expectations of lower U.S. interest rates and continued central bank demand. In 2023, the PBoC added 225 tonnes of gold to its reserves, raising its holdings to 2,235 tonnes by year-end. The central bank’s consistent purchases have reinforced gold’s role in China’s official reserves, with gold now accounting for 4.3% of the country’s foreign exchange holdings.

The PBoC’s gold buying spree reflects a broader global trend, with central banks led by China and India continuing to increase their gold holdings. This trend has been supported by geopolitical uncertainties and a desire to reduce reliance on foreign currencies. As of the fourth quarter of 2025, China’s gold reserves stood at 2,306.3 tonnes, the highest level in the country’s history.