The State Administration of Foreign Exchange said the growth was mainly driven by currency translation and changes in asset prices. Analysts noted that rising global stock markets and falling U.S. Treasury yields boosted the valuation of reserve assets, contributing to the overall expansion.
By the end of September, China’s gold reserves stood at 74.06 million ounces, up 40,000 ounces from the previous month, extending a streak of increases to 11 months. The corresponding value of gold holdings rose to 283.29 billion US dollars, an increase of 29.45 billion US dollars month-on-month. Financial experts said the steady accumulation reflects the central bank’s ongoing efforts to optimize its reserve structure, diversify risk, and enhance asset security.
They added that this year’s rise in reserves is linked to a weaker U.S. dollar, lower Treasury yields, and a rebound in global financial markets. With the total remaining above 3.3 trillion US dollars for two consecutive months—the highest level since 2015—China’s reserves are considered “ample,” providing stability for the yuan and a buffer against external shocks.
In the gold market, the U.S. Federal Reserve’s September rate cut and heightened geopolitical tensions pushed international gold prices sharply higher. In early October, New York gold futures briefly surpassed the 4,000 US dollars per ounce mark, posting a year-to-date gain of more than 50 percent.
Although the central bank’s latest gold purchases were slightly smaller than in previous months, analysts believe the move reflects a balance between acquisition costs and diversification goals. Over the medium and long term, gold is expected to remain an irreplaceable asset for hedging, inflation protection, and value preservation, with the central bank likely to continue advancing its reserve diversification and gold accumulation strategy.
