Gold reserves held by China’s central bank – the People’s Bank of China (PBoC) – are officially listed at 1,948.31 tonnes (as of June 2021). The People’s Republic of China (PRC) is sixth on the list of the world’s largest gold reserves, according to the World Gold Council’s rankings.
[Image via Nasdaq.]
There is speculation though that the actual gold reserves of China are much higher. China went years between announcing official gold reserves, and the updated amounts don’t reflect in-country gold production and imports. China was the world’s largest gold producer in 2020, but how much of that is retained for government reserves is not known.
One theory is that China will introduce a gold-backed yuan, so it is quietly accumulating gold until the day it is launched. While a gold-backed yuan may not happen, China is intent on slowly reducing its holdings of U.S. government debt and replacing it with gold. It makes no strategic sense to announce their true holdings, possibly pumping the gold price and destabilising the renminbi exchange rate.
The following post is an archive of news related to Chinese gold reserves, tracking official announcements and other editorials on the subject.
News Archive Of China Gold Reserves
2023
China’s gold holdings are 10x reported amounts, the real reason Beijing is secretly hoarding gold – Dominic Frisby – [14/11/23]
“Frisby estimated that China is holding at least 33,000 tons of gold, and half of that is likely state-owned.”
China’s secret gold purchases mean real reserves ‘more than twice’ official numbers – Gainesville Coins’ Nieuwenhuijs – [08/11/23]
“The PBoC is in a hurry to buy enormous amounts of gold,” Nieuwenhuijs wrote. “Based on information from industry sources and my personal calculations, total gold purchases by the Chinese central bank (reported and unreported) in Q3 accounted for 179 tonnes.”
China extends run of gold buying that’s helped support prices – [07/11/23]
“Stockpiles of gold reported by the People’s Bank of China rose by about 740,000 troy ounces in October, according to official data released Tuesday. That’s equivalent to about 23 tons, and takes total holdings to 2,215 tons.”
China is hoarding the world’s gold – [04/11/23]
“While the full extent of China’s holdings and purchases are opaque to international observers, experts say the increase in interest in gold is part of a broader move away from dollar-based assets that has been taking place for a while, at a time of financial and geopolitical volatility.”
China’s massive gold purchases may actually be underestimated, and will likely continue for many years – BMO – [17/08/23]
“Our analysis would certainly suggest that above-ground reserves of gold in China, both privately owned and those owned by the central bank, are significantly higher than annual consumer demand and official purchases might suggest,” said Rory Townsend and Colin Hamilton, the authors of the report. “However, given the geopolitical backdrop and concerns over U.S. dollar dominance, we view further net additions to gold holdings as highly likely.”
China buys 23 tonnes of gold in July, analysts say PBOC is just getting started – [08/08/23]
China’s central bank boosts gold reserves for eighth month – [07/07/23]
“PBOC holdings rise 23 tons in June, taking total to 2,330 tons.”
China buys gold for seventh straight month, adds 16 tonnes to reserves in May – [07/06/23]
“China has bought 144 tonnes of gold since it started its latest shopping spree in November. The central bank’s total stockpiles now sit at about 2,092 tons.”
China’s gold splurge reaches sixth month as reserves rise again – [07/05/23]
“China raised its gold holdings by about 8.09 tons in April, according to data from the State Administration of Foreign Exchange on Sunday. Total stockpiles now sit at about 2,076 tons, after the nation increased reserves by about 120 tons in the five months through March.”
China’s gold reserves may be double what official reports suggest – [27/02/23]
2022
Is China stockpiling gold? 1 million ounces added in November amid Beijing’s asset diversification efforts – [09/12/22]
“China increased its gold reserves for the first time since September 2019 in November by 1.03 million ounces to lift its holdings to 63.67 million ounces.”
China’s reported gold reserves rise for first time since 2019 – [07/12/22]
“China’s central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019.”
Is China the mystery whale in the gold market? – [30/11/22]
China thought to be stockpiling gold to cut greenback dependence – [22/11/22]
“Buying of metal is at its fastest pace since the 1960s.”
China’s gold reserves hold at 62.64 million ounces – [08/04/22]
China almost certainly owns more gold than the US – here’s why that matters – [03/03/22]
“China almost certainly owns a lot more gold than anyone else – including the USA. But how much? And why does it need so much gold?”
2021
China’s gold reserves at 62.64 mln ounces by end-May – [14/06/21]
“China’s gold reserves stood at 62.64 million ounces at the end of May, unchanged from that at the end of April, central bank data showed. The reserves had remained at the level for 20 months.”
China opens its borders to billions of dollars of gold imports – sources – [16/04/21]
“China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support global gold prices after months of declines.”
China’s hidden gold reserves to crush the dollar – [09/04/21]
“Andrew Maguire and the former stockbroker, banker and economist each offer their take on China’s hidden gold reserves and explore the potential impact on the US dollar price.”
2020
China keeps its gold reserves at home — is this a lesson for the rest of the world? – [08/07/20]
“China’s official gold reserve holdings of 1,948 tonnes — although suspected to be much higher than that — are all held inside the country.
In fact, no one outside of China is quite sure where all that gold is, but the two most likely places are, one, the gold is held in vaults within the People’s Bank of China in Beijing or, two, somewhere else under the control of the People’s Liberation Army. Or, possibly both.”
Does the PBoC store gold at the Fed in New York? – [09/06/20]
“Rumors are making rounds the Chinese central bank stores gold at the Federal Reserve Bank of New York. If true, this would be crucial in the trade war between the U.S. and China. However, according to my research it’s false.”
China’s gold hoarding: will it cause the price of gold to rise? – [16/01/20]
“Since 2009, China has withdrawn 12,000 tonnes of gold from the rest of the world, where the short and medium-term gold price is set.”
2019
All the gold in China: money and power goes east – [15/11/19]
“China has far more gold than official figures suggest – as much as America, in fact. He who owns the gold makes the rules, says Dominic Frisby.”
Max Keiser: China secretly hoarding gold and will unleash crypto backed by metal and destroy USD – [01/11/19]
“China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the Keiser Report.”
Unleashing the Golden Dragon – [25/10/19]
“China has been a significant buyer of gold since the year 2000. In 2000, Chinese gold reserves were 12.7 million ounces. Today, they are over 62 million. This is nearly a 5x increase in total holdings.”
China increases gold reserves by 5.9 tonnes in September – [07/10/19]
China has added nearly 100 tons of gold to its reserves – [10/09/19]
China bought gold for the 8th straight month — and it’s just the latest sign the nation is in the trade war for the long haul – [07/08/19]
“China is likely buying gold to diversify its holdings away from the US dollar and hedge against harm from the trade war, analysts from Societe Generale said in a Tuesday note.”
Opinion: Watch out, America: China and Russia are stockpiling gold – [29/07/19]
“This could be the start of those countries’ attack on the dollar.”
China is wise to boost its gold reserves as a weaker US dollar looms and currency wars beckon – [24/07/19]
“China’s central bank is piling into gold, the traditional safe haven, as bond yields go negative and the US considers ditching its ‘strong dollar’ mantra, potentially igniting currency wars.”
China’s continuous hike of gold reserves demonstrates diversification efforts – [09/07/19]
“China increased its gold reserves for the seventh month in June, taking its total reserves to 61.94 million ounces, up 330,000 ounces compared to the previous month, data from the central bank showed on Monday.”
Central banks’ gold rush gathers pace as China hoard swells – [08/07/19]
China stockpiles gold while letting US bond holdings slide – [19/06/19]
“Beijing’s US Treasury reserves dip for two consecutive months.”
China on gold-buying spree with no sign of end to trade war with US – [10/06/19]
“The People’s Bank of China increased its bullion reserves to 61.61 million ounces in May from 61.10 million a month earlier.”
China is on a big gold-buying spree – [08/04/19]
“The People’s Bank of China raised reserves to 60.62 million ounces in March from 60.26 million a month earlier, according to data on its website on Sunday. In tonnage terms, last month’s inflow was 11.2 tons, following the addition of 9.95 tons in February, 11.8 tons in January and 9.95 tons in December.”
China builds up gold reserves in shift away from dollar – [24/01/19]
“China added gold to its foreign reserves last month for the first time in more than two years even as it continued paring its U.S. Treasury holdings”.
China continues boosting gold reserves as part of its anti-dollar push – [12/03/19]
“The People’s Bank of China increased its gold reserves for a third straight month in February, bringing total holdings to 1,874 tons, or 60.26 million ounces. The move is part of China’s strategy to shift away from the US dollar.”
China bulks up on gold reserves for a second consecutive month – [12/02/19]
“At the end of January its holdings stood at 59.94m ounces, up from 59.56m a month earlier, according to figures released by the People’s Bank of China on Tuesday.”
China joins global central bank gold rush as foreign exchange reserves stabilise – [11/02/19]
“The country’s gold reserves rose slightly to 59.94 million ounces at the end of January from 59.56 million ounces at the end of December 2018.”
China’s gold reserves rise for 1st time in over two years in Dec – [07/01/19]
“China gold reserves rose to 59.560 million fine troy ounces at end-December, the first increase since October 2016, central bank data showed on Monday.”
2018
How much gold does China have? A lot more than you think – [12/12/18]
“Officially, China has the world’s seventh-largest gold reserves. But it has been stocking up at an astonishing pace. Here, Dominic Frisby examines just how much gold China could have.”
China steps up gold holdings amid trade war with US; demand rises among consumers too – [09/10/18]
“Official gold reserves in mainland China stood at 1,843 tonnes in second quarter of 2018.”
Is China secretly building up its huge gold stockpile? – [25/08/18]
“Official data from the People’s Bank of China (PBOC) shows the country’s gold reserves have not increased since 2016, when Donald Trump was elected US president. They stayed unchanged at 59.24 million ounces (1,843 tons).”
China’s gold mystery: Is nation slowly increasing reserves? – [26/07/18]
2017
Gold reserves to surpass 4,000 tons – [06/08/17]
“China’s burgeoning gold reserves, which some analysts estimated to have surpassed 4,000 tons as of June, reflects the nation’s plan to diversify its reserves away from US dollars at a time when the dollar’s value has plummeted, as well as to strengthen the country’s standing in the global financial market, experts said.”
Estimated Chinese gold reserves surpass 20,000t – [30/07/17]
“My best estimate as of June 2017 with respect to total above-ground gold reserves within the Chinese domestic market is 20,193 tonnes. The majority of these reserves are held by the citizenry, an estimated 16,193 tonnes; the residual 4,000 tonnes, which is a speculative yet conservative estimate, is held by the Chinese central bank, the People’s Bank of China.”
China will soon own the largest gold reserves in the world – [17/02/17]
“The latest statement from the PBOC is that it holds 1,842 tonnes. Given the amount of gold that has made its way to China, that 1,842 tonne number does seem suspiciously low – or at least towards the lower end of what is credible. And it is likely that the Chinese would understate this number, first so as not to push the price up when they are still in accumulation mode; secondly, so as not to throw down any “we’re as powerful as you” gauntlets at the US.”
China stocked up on Swiss gold as turbulent year came to a close – [05/02/17]
“The Swiss customs data did not reveal details about the buyers in China. However, economists said rising corporate and individual demand ahead of the Lunar New Year and a possible purchase by the central bank – to diversify foreign reserves and counter any adverse impact from Trump’s remarks – could explain the surge.”
2016
China is on a massive gold buying spree – [10/02/16]
“China’s government doesn’t share exact figures, but the vast majority of gold heading into mainland China passes through Hong Kong, which does make its records public. Gold imports to China have surged over 700% since 2010, according to the latest data from Hong Kong.”
China adds to gold reserves in December, buying streak to continue – [07/01/16]
“China added more gold to its reserves in December, bringing its total purchases in the second half of 2015 to more than 100 tonnes, with analysts predicting the country will continue purchasing at a similar pace this year.”
2015
China goes for gold as central bank expands reserves – [10/12/15]
“With the precious metal at multiyear lows, China and several other countries including Russia have been scooping it up.”
China’s central bank adds to gold reserves – [30/09/15]
“The central bank was holding 54.45 million troy ounces in August up from 53.93 million ounces a month earlier. Experts expect China to keep adding to its gold hoard.”
China is hiding 9,500 tons of gold – [07/08/15]
“How much gold does China have? The question won’t go away, because the answer is vital. The answer could define, in no uncertain terms, how important or irrelevant gold is in the modern world.”
China’s secret gold hoarding strategy – [06/08/15]
China’s leading power ambitions and the gold reserve mystery – [24/07/15]
“The People’s Bank of China on July 17 disclosed its gold reserves for the first time since 2009. Its holdings of the metal rose to 1,658 tonnes from 1,054 tonnes six years ago, an increase of close to 60 per cent, writes Prince Michael of Liechtenstein.Some believe that this disclosure is part of a Chinese effort to add the yuan to the International Monetary Fund…”
China finally says how much gold it has, but nobody believes it – [17/07/15]
“The People’s Bank of China on Friday published figures on its gold reserves for the first time since 2009. Its official gold reserves stood at 53.3 million ounces, or 1,658 metric tons, in June.”
China moves to Stage 2 of its great gold grab – [23/06/15]
“China has a two-stage gold domination plan. Stage 1 is well advanced with the domestic accumulation of gold rising rapidly, both through importing the metal and banning the export of gold mined within China. Stage 2 is to buy as many gold deposits abroad, and this week we saw another move in this direction.”
China saves up 30,000 tons of gold to topple US dollar from global reign – [15/05/15]
From the online version of Pravda.
The real reason China is buying up the world’s gold – [13/05/15]
“China’s central bank is buying huge quantities of gold. China wants the yuan to become a reserve currency, but does not want a “strong yuan”.”
China’s secret gold stockpile may be world’s 2nd biggest – [21/04/15]
“The People’s Bank of China may have tripled its gold stockpile since April 2009, when it last gave an official number, which Bloomberg Intelligence estimates to be 3,510 metric tons, second to United States 8,133.5 tons of gold.”
The mystery of China’s gold stash may soon be solved – [20/04/15]
“China’s push to challenge U.S. dominance in global trade and finance may involve gold — a lot of gold.”
2014
China hoarding gold to challenge U.S. dollar? – [09/11/14]
China’s secret vaults: where is all the missing gold? – [18/03/14]
“China has recently replaced India as the world’s largest consumer of gold. Uniquely, it also ranks as both the largest producer and the biggest importer of gold. Yet a big question surrounds the true state of the Chinese demand for gold; the answer would determine how global gold prices are likely to fare. The expectation that Chinese investors will sustain a voracious appetite for gold has helped to spark a recent rebound in gold prices.”
Conspiracy theories abound about China’s gold purchases – [11/02/14]
“Huge imports of gold have fuelled speculation about the mainland’s intentions, including an alleged bid to launch a global monetary system.”
Report: People’s Bank of China holdings likely 2.5X higher than thought – [15/01/14]
2013
China’s central bank may have secretly bought 300t of gold this year – [09/11/13]
2012
China transforming into gold bullion superpower on the sly – [05/11/12]
“As rumors fly that leading Western economies have exhausted their gold hoards, China has become the world’s biggest gold producer while also discretely accumulating bullion reserves.”
Surging Chinese gold imports and the case for the world’s next reserve currency – [09/09/12]
“Bloomberg reported earlier this week that gold imports by China via Hong Kong jumped to 75.8 tonnes in July.”
Heard the rumour China is buying 6,000 tonnes of gold? It may not be as crazy as it sounds – [17/08/12]
“At MarketWatch, Myra P. Saefong, speaks to Kevin Kerr, president of Kerr Trading International, Brien Lundin, editor of Gold Newsletter and Mark O’Byrne, executive director at GoldCore about “unconfirmed speculation” that China – the world’s number one producer and second-placed consumer (at the moment) – is gearing up to buy up to at least 5,000 to 6,000 tonnes starting before the end of the year.”
Who’s buying gold in China? – [21/02/12]
“The People’s Bank is buying gold! Or Beijing’s SAFE agency perhaps. Or maybe private wholesalers…or investors?”
China central bank in gold-buying push – [17/02/12]
“The World Gold Council believes China’s central bank made significant gold purchases in the final months of 2011, contributing to a surge in the country’s imports.”
2011
China buys gold, challenges US dollar – [13/09/11]
“WikiLeaks cables allege that China is buying gold to weaken the US dollar’s supremacy as the world’s reserve currency.”
China buys 47% of the world’s gold – [08/03/11]
“We know that China has been buying on gold price dips. Various officials have confirmed this in the past, although we have no idea of the volumes involved. The People’s Bank of China is almost certainly continuing to diversify their massive $3 trillion currency reserve into gold and precious metals in order to protect themselves from their large exposure to the weakening U.S. dollar.”
2010
Central banks join gold rush – [18/06/10]
“China is considered a stealth buyer of gold, said Boris Schlossberg, director of currency research at Global Forex Trading. As the world’s largest producer of the metal, China often buys gold from its own mines and doesn’t report those sales publicly. But in April 2009, China did admit to having added 454 tonnes, or a 76% increase, to its reserves since 2003.”
The China gold bluff – [17/06/10]
“You just know that these guys are and have been stockpiling gold. They’re not going to tell you. They don’t have to.”
China assesses its gold reserve strategy – [05/03/10]
“A senior official from the People’s Bank of China (PBoC) suggested, “China should formulate a long-term plan and constantly and secretly increase its gold holdings, claiming that at present the percentage of gold in China’s total reserve was too low … PBoC should try to buy as much gold as possible from China’s annual gold output of almost 300 tons, while the gold needed by industries and residents could be imported” (China Stakes, April 27, 2009).”
2009
China increases its gold reserves – [24/04/09]
“Since 2003, China has increased its gold reserves by 76%, from 600 tons to the current total of 1,054 (the fifth largest stockpile in the world), according to information released today by Hu Xiaolian, head of the State Administration of Foreign Exchange.”
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