Foreign Reserves Top $3.4trn as China Increases Gold Buying
Total foreign reserves topped $3.4 trillion in October 2026 as Beijing increased gold buying amidst global price fluctuations, according to the State Administration of Foreign Exchange (SAFE).
China’s central bank ramped up its gold purchases for the eighth straight month in October, posting the biggest monthly increase in its official gold reserves in over three years, official data showed on Saturday.
The country’s official gold reserves rose by 830,000 ounces to 78.3 million ounces as of the end of October, marking the 24th consecutive month of purchases, according to the People’s Bank of China.
The latest increase was the largest since September 2023, when reserves rose by 840,000 ounces, market tracker Wind Info said.
The central bank has accelerated the pace of its gold purchases for the eighth straight month this year, exceeding its buying from 740,000 ounces in September and 650,000 ounces in August as gold prices fell in October.
Despite the increase, the share of gold reserves in China’s official international reserves fell by 0.5 %age points from the previous month to about 7.9% as of the end of October, mainly due to the decline in international gold prices, Wang Qing, chief macroeconomic analyst at Orient Golden Credit Rating International, said.
By the end of 2025, gold accounted for 27% of total reserve assets held by central banks worldwide, indicating that China’s current share of gold in its reserves remains significantly below the global average, leaving considerable room for further accumulation, Wang said.
Meanwhile, China’s foreign exchange reserves stood at $3.4052 trillion at the end of October, up $4.9 billion, or 0.14%, from a month earlier, the State Administration of Foreign Exchange said on Saturday.
SAFE attributed the increase to the combined effects of currency translation and changes in asset prices, as the US dollar index rose while prices of major global financial assets registered a mixed performance during the month.
China’s economy remained broadly stable, with high-quality development advancing, supporting the overall stability of foreign exchange reserves, SAFE said.
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