The latest purchase brings China’s total gold holdings to 2,196 tonnes. This September expansion outpaced August’s 18.5-tonne gain and July’s 18-tonne increase, according to data from the PBoC and market tracker Wind Info. The surge highlights a sustained effort by Beijing to diversify its assets, even as the nation’s broader foreign exchange reserves fell by $38.1 billion to $3.4 trillion over the same period.

State Administration of Foreign Exchange officials attributed the decline in total reserves to currency translation effects and shifting global asset prices as the U.S. dollar strengthened. Despite these market fluctuations, China remains a dominant force in the global gold market. World Gold Council research identifies China alongside Poland as the primary drivers of sovereign gold demand, with both nations maintaining long-term, consistent accumulation programs throughout 2026.