FINANCE

China Ramps Up Gold Purchases as Reserves Hit 75.4 Million Ounces

Published: Jul. 8, 2026 1:49 a.m. GMT+8

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China’s official gold reserves rose to 75.4 million ounces at the end of June, according to data released Tuesday by the State Administration of Foreign Exchange. Photo: VCG

China’s central bank added 480,000 ounces of gold to its reserves in June, its largest monthly purchase in a 20-month buying streak, as global bullion prices tumbled.

The accumulation underscores a broader push by central banks to diversify foreign-exchange portfolios and hedge against geopolitical risks, as a stronger U.S. dollar and shifting interest-rate expectations weigh on global markets.

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China's central bank added 480,000 ounces of gold in June, its largest monthly purchase in a 20-month buying streak.
International gold prices fell over 10% to around $4,000/oz, erasing eight months of gains.
China's gold reserves value dropped to $303.7 billion, while total forex reserves fell $26 billion to $3.4163 trillion.

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Who’s Who

China Minsheng Banking Corp.: According to the article, Wen Bin is the chief economist at China Minsheng Banking Corp. He commented on the U.S. dollar's strength, attributing it to expectations of further interest-rate increases, hawkish Fed remarks, and resilient U.S. economic data.

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What Happened When

November 2024：: China's central bank began a gold buying streak.

December 2024：: China's central bank added 330,000 ounces of gold to its reserves.

February 2026：: China's gold reserves value peaked at $387.5 billion.

June 2026：: China's central bank added 480,000 ounces of gold, its largest monthly purchase in the buying streak; international gold prices fell over 10%, from about $4,540 an ounce to around $4,000; China's official gold reserves rose to 75.4 million ounces at the end of the month; the value of China's gold reserves fell to $303.7 billion; China's broader foreign-exchange reserves fell by $26 billion to $3.4163 trillion.

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