China's Central Bank Continues Gold Buying Spree for 13th Consecutive Month

Deep News12-07 11:10

On December 7, the People's Bank of China (PBOC) updated its official reserve assets data. As of the end of November 2025, China's gold reserves reached 74.12 million ounces, marking a monthly increase of 30,000 ounces. This represents the 13th consecutive month of gold accumulation by the central bank.

Separately, the State Administration of Foreign Exchange (SAFE) reported that China's foreign exchange reserves stood at $3.3464 trillion by November 2025, up $3 billion (0.09%) from October's figures.

SAFE attributed the growth in foreign reserves to multiple factors including the depreciation of the US dollar index amid shifting macroeconomic data and monetary policy expectations among major economies, along with fluctuating global financial asset prices. The regulator noted that China's stable economic performance with steady progress continues to support the fundamental stability of foreign exchange reserves.

A recent research report from China International Capital Corporation (CICC) analyzed that while global gold production remains stable, prices are primarily demand-driven, with central bank purchases being a key demand driver in recent years. However, some central banks have temporarily reduced gold holdings as rising prices pushed their gold-to-reserve ratios beyond target levels. The report suggests that overall, global central banks may still have room to increase gold allocations in their portfolios.

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As of the end of November 2025, China's gold reserves reached 74.12 million ounces, marking a monthly increase of 30,000 ounces. This represents the 13th consecutive month of gold accumulation by the central bank.</p>\n<p>Separately, the State Administration of Foreign Exchange (SAFE) reported that China's foreign exchange reserves stood at $3.3464 trillion by November 2025, up $3 billion (0.09%) from October's figures.</p>\n<p>SAFE attributed the growth in foreign reserves to multiple factors including the depreciation of the US dollar index amid shifting macroeconomic data and monetary policy expectations among major economies, along with fluctuating global financial asset prices. 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