China’s central bank buys 20.2 tonnes of gold in August, largest purchase since 2023
The People’s Bank of China (PBoC) added 20.2 metric tonnes of gold to its reserves in August, its largest monthly purchase since October 2023, the State Administration of Foreign Exchange (SAFE) announced on Monday.
Last month’s purchases brought the country’s total official holdings to roughly 2,387 tonnes. China has now increased its gold reserves for 22 consecutive months, and has added approximately 80 tonnes of bullion during the first eight months of 2026.
The valuation of China’s gold reserves has also increased significantly, rising from $306.35 billion at the end of July to $350.08 billion by the end of August—an increase of roughly $43.7 billion last month alone.
The PBoC has ramped up its gold purchases significantly since the yellow metal’s price pulled back earlier this year. In the latest central bank gold purchase update from the World Gold Council (WGC), Marissa Salim, Senior Research Lead, APAC noted that the Chinese and Polish central banks continue to lead all sovereign buyers in 2026.
“Central banks continued their gold accumulation in July with net buying reported at 23t,” Salim wrote in the WGC’s latest update. “Emerging markets have also continued to accumulate gold this month with China (20t) and Poland (8t) taking the lead.”
Other significant buyers in July included the Czech National Bank, which purchased two tonnes of gold for its 41st consecutive month of net buying, while the National Bank of Kazakhstan (NBK), Bank Negara Malaysia (BNM) and the Central Bank of Bolivia (CBB) each bought one tonne. “Kazakhstan’s gold holdings stand at 75% of its total reserves,” she noted.
Year-to-date, Poland once again tops the scoreboard for gold purchases, buying 90 tonnes so far this year. “The country has accumulated 640t of gold – against its target of 700t – or approximately 28% of its total reserves,” Salim noted.
Meanwhile, China’s recent gold purchases bumped them up to the sixth largest reported gold holder globally. “Notably, activity from the People’s Bank of China (PBoC) has picked up pace in recent months, with double-digit monthly purchases of gold since May 2026.”
“On a y-t-d basis, central banks’ reported purchases have totalled around 130t of gold,” she wrote. “This compares to a reported ~160t which was purchased over the same period last year.”
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