China added 23 tonnes of gold to its official reserves in September 2026, marking its largest monthly purchase since September 2023. The latest acquisition reflects the country’s continued effort to increase its gold holdings as central banks diversify their reserve assets.
The purchase marked the 23rd consecutive month of gold buying by the People’s Bank of China (PBOC). It followed additions of 20 tonnes in both July and August, indicating that the central bank maintained its pace of accumulation through the third quarter.
With September’s purchase, China’s officially reported gold acquisitions for 2026 reached 103 tonnes. Its total gold reserves climbed to a record 2,410 tonnes, according to figures attributed to the World Gold Council.
Gold remains an important reserve asset for central banks because it carries no direct sovereign credit risk and can help diversify holdings beyond currencies and other financial assets. China’s continued purchases come amid broader efforts by monetary authorities worldwide to strengthen their gold reserves.
China currently ranks as the world’s fifth-largest official gold holder, behind the United States, Germany, Italy and France, according to the figures cited in the report.
However, the gap between China and the two European countries immediately above it has narrowed. Italy holds approximately 2,452 tonnes, while France has around 2,437 tonnes. China’s reported holdings are therefore about 27 tonnes below France’s and 42 tonnes below Italy’s.
If China continues buying gold at a similar pace, it could move ahead of France and Italy in the rankings. The timing, however, will depend on future purchases and any changes in other countries’ reported reserves.
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