The People’s Bank of China increased its gold holdings to a record 2,366 tonnes, marking its largest monthly purchase since October 2023.
China’s central bank added nearly 20 tonnes of gold to its reserves in July, the largest monthly purchase since October 2023. The move extended its buying streak to 21 consecutive months, lifting total holdings to 76.08 million ounces, or 2,366 tonnes.
The July purchase follows additions of 10 tonnes in May and 15 tonnes in June, bringing year-to-date acquisitions to about 60 tonnes. The accelerated buying reflects Beijing’s strategy to diversify reserves amid currency and geopolitical risks.
While the purchases reinforce Bitcoin’s “digital gold” narrative, China maintains strict restrictions on cryptocurrencies, favoring physical bullion instead.