PBOC Gold Reserves Rise to 74.96 Million Ounces in May, Marking 19th Consecutive Month of Accumulation
Alina Collins
China's central bank added 320,000 ounces of gold in May, lifting reserves to 74.96 million ounces — the 19th straight month of buying, with each month's addition larger than the last. This is not routine accumulation; the pace is accelerating.
How big is 320,000 ounces?
May's single-month addition of 320,000 ounces (about 9.95 tonnes) is more than 10 times the February addition of 30,000 ounces.
The acceleration month by month: Feb +30k → Mar +160k → Apr +260k → May +320k ounces — each month exceeding the last.
This means → the PBOC is not just buying steadily; it is buying harder. The rhythm has shifted from tentative to directional.
How much of China's reserves is gold?
Total official reserves stood at $3,850.6 billion as of end-May, with gold valued at $340.8 billion — roughly 9% of the total.
Foreign-exchange reserves (mostly dollar assets) accounted for $3,442.2 billion, still the dominant share.
In plain terms = gold purchases are accelerating, but the metal is still less than a tenth of the pool. That signals both room to grow and deliberate restraint.
Are other central banks buying too?
Global central banks bought a net 17 tonnes in April, reversing a nearly 30-tonne net sell-off in March (driven mainly by Turkey).
The top buyer was Poland's central bank (+14 tonnes in April), with 45 tonnes accumulated year-to-date; gold now accounts for about 30% of its total reserves.
China ranked second (+8 tonnes), while the Czech central bank extended its buying streak to 38 consecutive months (+2 tonnes in April).
This reflects a structural pattern: Eastern European and Asian central banks are the two dominant buying blocs — averaging 12 tonnes and 11 tonnes per month respectively over the past 36 months, against a global average of 29 tonnes.
Who is selling?
Turkey, after heavy March sales, held reserves nearly flat in April — the earlier sell-off was tied to short-term gold/dollar swap contracts that settled in April.
Russia's central bank sold a net 6 tonnes in April, its fourth consecutive month of net sales.
Uzbekistan sold 1 tonne in April but has bought 24 tonnes year-to-date (second globally); gold makes up 88% of its total reserves.
This means → sellers each have short-term reasons, but the structural trend on the buying side remains intact.
Content is for reference only, not financial advice.