PBOC extends gold-buying run to 19 months as monthly additions accelerate

China's foreign exchange reserves rose to $344.22 billion as of May 31, 2026, up $3.17 billion from end-April, a 0.93% increase, the State Administration of Foreign Exchange said on June 7 (UTC+8). Official reserve asset data updated the same day showed China's gold holdings increased for a 19th straight month. Gold reserves reached 74.96 million troy ounces at end-May, up 320,000 troy ounces from 74.64 million troy ounces at end-April. The central bank began this latest round of purchases in November 2024 and has expanded its gold position every month through May 2026. From March 2025 to February 2026, monthly additions stayed below 100,000 troy ounces. Since March, purchases have picked up to 160,000, 260,000 and 320,000 troy ounces, signaling a faster pace of accumulation. By end-2025, gold accounted for about 8.8% of China's official international reserves, which are mainly made up of foreign exchange and gold. European Central Bank data released June 2 showed gold comprised 27% of global central bank reserves at end-2025, up from 20% a year earlier, suggesting China's gold share remains well below the global level and could rise further. (Source: ODAILY)