The People’s Bank of China (PBOC) increased its gold reserves for the 18th consecutive month in April 2026, according to official data. As of end‑April, China’s gold holdings stood at 74.64 million ounces, representing a monthly increase of 260,000 ounces. The persistent gold buying spree reflects the central bank’s strategy to diversify its foreign exchange reserves, reduce reliance on US‑dollar assets, and strengthen the credibility of the renminbi in global markets.

Over the past year and a half, the PBOC has become one of the world’s largest official gold buyers, amid heightened geopolitical risks, volatile global financial markets, and concerns over the long‑term value of fiat currencies. Gold, as a traditional safe‑haven asset and a store of value, plays a key role in enhancing the stability of China’s reserve portfolio. The continuous accumulation of gold reserves also supports China’s broader goal of promoting renminbi internationalization, as a larger gold base can increase confidence in the currency among global investors and central banks.

Market analysts note that China’s gold buying is part of a global trend among emerging‑market central banks to increase gold allocations. At the same time, the country’s foreign exchange reserves remain stable above $3.3 trillion, providing a solid foundation for balance of payments stability and exchange rate management. Going forward, the PBOC is expected to maintain a moderate pace of gold purchases, balancing reserve diversification with market stability.