The People’s Bank of China can’t stop buying gold. After a six-month breather that ended in November 2024, the PBOC has been accumulating gold for roughly 19 to 20 consecutive months. It’s the longest continuous buying streak since China started reporting this data in 1999.
By mid-2026, the PBOC had purchased over 40 tons of gold for the year alone. In June, the central bank added 15 tons in a single month, the largest monthly haul since late 2023.
The bigger picture behind Beijing’s bullion binge
Central banks globally went on a shopping spree in early 2026, with net purchases hitting 244 tonnes in Q1 alone. The motivation is straightforward: diversify away from the US dollar. Geopolitical tensions, trade disputes, and the weaponization of dollar-denominated financial infrastructure have made reserve managers nervous. Gold doesn’t carry counterparty risk.
Before the current streak, the PBOC had already completed an aggressive 18-month buying run that ended around April or May 2024. The pause that followed lasted roughly six months before purchases resumed in November 2024. In 2025, the PBOC added approximately 26 tons to its reserves. The 2026 pace has been notably faster.
