China's Central Bank Increases Gold Holdings for 23rd Consecutive Month
nashnova research
The PBOC raised its gold reserves to 77.47 million troy ounces in September, up 740,000 ounces from August and marking the 23rd consecutive month of buying; meanwhile forex reserves fell to $3.4003 trillion, signaling a steady shift in reserve composition.
How much gold was added?
Gold reserves reached 77.47 million troy ounces at end-September, up 740,000 ounces from 76.73 million in August.
The streak now stands at 23 consecutive months of net purchases, with no sign of slowing.
This means → the buying is not a one-off; it is a nearly two-year trend.
Why did forex reserves fall at the same time?
September forex reserves came in at $3.4003 trillion, down roughly $38.08 billion from the prior reading of $3.4383 trillion.
In plain terms = the central bank is buying gold while its dollar-denominated reserves shrink — the "gold content" of its reserves is rising.
This reflects a deliberate tilt away from dollar assets and toward gold.
What does this mean for ordinary investors?
Sustained central-bank buying is a major pillar of global gold demand, providing long-term price support.
Shifting reserves from dollars to gold also builds a thicker buffer against currency swings and geopolitical risk.
This means → if you watch gold or the yuan, the 23-month pattern matters more than any single monthly print.
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