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China fills treasury with 2400 tonnes of gold, what is Xi Jinping's plan?
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News18•19-10-2026, 22:48
China fills treasury with 2400 tonnes of gold, what is Xi Jinping's plan?
- •China's central bank, the People's Bank of China, has been aggressively buying gold for 23 consecutive months.
- •In September alone, China added about 23 tonnes of gold to its treasury, bringing total reserves to a record 2410 tonnes.
- •Reports suggest Beijing is learning from the freezing of Russian reserves by Western countries, aiming to reduce dependence on the dollar.
- •World Gold Council data shows that central banks globally are increasing gold purchases to diversify their investments and build a multipolar system.
Key Questions Answered
Following 23 consecutive months of aggressive gold purchases, China's total gold reserves have risen to a record level of 2,410 tonnes, with approximately 23 tonnes added in September alone.
Beijing learned a lesson from Western governments freezing Russia's foreign exchange reserves after its 2022 invasion of Ukraine. To protect against similar foreign sanctions and reduce financial dependence on Washington and its allies, China is heavily investing in domestically held gold.
No, China's massive gold accumulation does not mean it is preparing to completely stop using the dollar. Instead, Beijing's intention is to reduce its dependence on a financial system heavily influenced by Washington and its allies.
