China's central bank adds 15 tonnes of gold to reserves, 20th month in a row

The People's Bank of China (PBOC) increased its gold holdings by about 480,000 ounces (roughly 15 tonnes) in June, marking the 20th consecutive month of net purchases. This addition is the largest monthly increase since October 2023 and brings China's total official gold reserves to around 2.35 million tonnes.

The purchases occurred while global gold prices fell sharply, with the spot price dropping more than 11% in June – the steepest monthly decline since 2008 – briefly slipping below US$4,000 per ounce. Analysts attribute the price slide to a stronger US dollar, expectations of higher Federal Reserve rates, and geopolitical tensions. The yuan’s recent appreciation has also made gold cheaper for Chinese buyers, encouraging the central bank to continue diversifying its foreign‑exchange reserves away from the US dollar.

The sustained buying underscores Beijing’s long‑term strategy to bolster financial security, reduce reliance on the dollar, and support the stability of the global gold market.