PBOC's Gold Reserves Increase by 20 Tons Last Month, Extending Buying Streak to 21 Months

The People's Bank of China, the country's central bank, has extended its streak of increasing gold reserves to 21 consecutive months through last month.

According to local media reports from Caixin and Bloomberg on the 8th, the PBOC announced that its gold reserves as of the end of July stood at 76.08 million ounces, an increase of 640,000 ounces (approximately 19.9 tons) from the previous month.

This marks the largest monthly increase since October 2023.

The PBOC has steadily increased its gold reserves every single month since November 2024, setting a new all-time record that surpasses its previous longest streak of 18 consecutive months from November 2021 to April 2024.

This is interpreted as a move to reduce dependency on dollar-denominated assets and diversify its portfolio amid intensifying U.S.-China competition.

However, the total amount of gold added over the past 21 months stands at 3.28 million ounces (approximately 102 tons), which is about one-third of the volume added during the previous 18-month consecutive buying streak.

Caixin also reported that amid increased volatility in gold prices, the appraised value of the gold held as of the end of July (in U.S. dollar terms) has fallen by nearly 20% compared to its peak in February.

Meanwhile, China's foreign exchange reserves reached $3.4188 trillion (approx. 4,824 trillion won) at the end of July, up 0.07% from the previous month.

Authorities attributed the changes in foreign exchange reserves to factors such as the decline of the U.S. dollar index and fluctuations in global financial asset prices.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.