China Buys 10 Tonnes of Gold in May, Largest Since Jan 2025
China added 10 tonnes of gold to its reserves in May, the biggest monthly increase since January 2025, extending its buying streak to 19 consecutive months. Total official gold reserves hit a record 2,331 tonnes.
China's central bank purchased 10 tonnes of gold in May, marking the largest monthly addition since January 2025, according to official data. This follows an 8-tonne increase in April and represents the third consecutive month of net purchases.
The country has now bought gold for 19 straight months, the longest continuous buying streak since at least 2015 when the People's Bank of China started releasing more frequent reserve data. Total official gold reserves have reached a record 2,331 tonnes, valued at over 9% of China's total foreign-exchange reserves.
Year-to-date, China has added 27 tonnes of gold, making it the third-largest central bank buyer globally after Poland and Uzbekistan. The pace of Chinese gold accumulation is accelerating.
Source: The Kobeissi Letter