The People’s Bank of China has purchased approximately 60 tonnes of gold since the beginning of 2026, bringing its total reserves to over 2,366 tonnes valued at $306.35 billion at current prices. This marks the twenty-first consecutive month of purchases, including nearly 20 tonnes added in July alone, the largest monthly acquisition since October 2023. This massive accumulation aims to diversify reserves away from the dollar and protect against a potential freeze of assets similar to the sanctions imposed on Russia in 2022, when the European Union froze approximately 210 billion euros of the Central Bank of Russia’s assets. Unlike the United States, which launched a strategic Bitcoin reserve by executive order in March 2025, China has not acquired a single satoshi, preferring gold as a safe-haven asset that is not the liability of any other state. According to BMO Capital Markets, China holds approximately 30,000 tonnes of undeclared gold and should purchase an additional 2,500 to 3,000 tonnes to align its gold-to-money-supply ratio with that of the U.S. Federal Reserve.
Source: Read the original article
