China's central bank extends gold-buying streak to 19 months

Odaily Planet Daily reports that China's State Administration of Foreign Exchange (SAFE) said on June 7 that the country's foreign exchange reserves stood at $3.4422 trillion at the end of May 2026, up $3.17 billion from end-April, a 0.93% increase. SAFE data released the same day showed China's gold reserves rose for a 19th straight month. As of the official reserve asset update on June 7, gold holdings reached 74.96 million ounces at end-May 2026, up 320,000 ounces from 74.64 million ounces at end-April. The People's Bank of China began this latest accumulation cycle in November 2024 and has added to its holdings every month through end-May 2026. From March 2025 to February 2026, monthly purchases stayed below 100,000 ounces. Since March, purchases have accelerated to 160,000 ounces, 260,000 ounces and 320,000 ounces, respectively. By end-2025, gold accounted for about 8.8% of China's official international reserves, which mainly consist of foreign exchange and gold. European Central Bank data released on June 2 showed gold made up 27% of global central bank reserve assets by end-2025, up from 20% a year earlier, suggesting China's gold share remains comparatively low with room to rise. (Changanjie Zhishi)