China Gold Reserves: Now the Fifth Largest Holder at 2,410 Tonnes, Could Beat France and Italy to Enter the Top 3 This Year, 23 Tonnes Bought in September, Ranking, Math and All We Know

China gold reserves: record 2,410 tonnes, fifth largest behind US, Germany, Italy (about 2,452 t) and France (about 2,437 t). Bought 23 t in Sept, the 23rd month in a row. Gap to France 27 t, to Italy 42 t (my calculation).

Updated: 12 Oct 2026 • 1:36 pm

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China Gold Reserves: Now the Fifth Largest Holder at 2,410 Tonnes, Could Beat France and Italy to Enter the Top 3 This Year, 23 Tonnes Bought in September, Ranking, Math and All We Know

Quick Answer

China is now the fifth largest official gold holder with a record 2,410 tonnes, behind the United States, Germany, Italy and France, according to Kobeissi Letter data based on the World Gold Council. China's central bank added 23 tonnes in September, its largest monthly purchase since September 2023 and the 23rd straight month of buying, and it has reported about 103 tonnes so far in 2026. Italy holds about 2,452 tonnes and France about 2,437, so China is about 42 and 27 tonnes behind (my calculation) and at the recent pace of 20 to 23 tonnes a month could pass both within two to three months if other holdings stay the same. Whether China reaches third place this year depends on its future purchases and on changes in other countries' reported holdings, and the data does not say that it will.

China gold reserves have grown every month for almost two years, and the latest data shows the pace picking up. A rise of China gold reserves into the top three would put China ahead of two European nations that have held large gold reserves for decades, which is why the headline has drawn attention.

This article covers the ranking, the monthly buying pattern, the math on when China could overtake France and Italy, why central banks buy gold, what it means for gold investors and the caveats in the data, so you can read the headline with the numbers in front of you.

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Table of Contents

China Gold Reserves: The Ranking Today

Rank	Country	Gold holdings	Note
1	United States	Not given in the source	Ahead of China
2	Germany	Not given in the source	Ahead of China
3	Italy	About 2,452 tonnes	China is about 42 tonnes behind
4	France	About 2,437 tonnes	China is about 27 tonnes behind
5	China	A record 2,410 tonnes	Official reported holdings

The China gold reserves figures come from The Kobeissi Letter, which cited the World Gold Council, as reported by Business Today. Only China, Italy and France are given in tonnes, and the United States and Germany are listed as ahead without numbers in that report.

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China Gold Reserves: Monthly Buying in 2026

Month	Tonnes added
March	5
April	8
May	10
June	15
July	20
August	20
September	23

The monthly figures listed add up to 101 tonnes against a reported 103 tonnes so far in 2026, so about 2 tonnes come from months not listed. The pace of China gold reserves additions has risen every month since March, and the average of the last three months is about 21 tonnes (my calculation).

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Can China Gold Reserves Beat France and Italy This Year?

Monthly buying	Months to pass France (27 t gap)	Months to pass Italy (42 t gap)
20 tonnes a month	2 months	3 months
23 tonnes a month	2 months	2 months

This simple math for China gold reserves (my calculation) assumes Italy and France do not change their holdings and that China keeps buying. With data for October, November and December still to come, China gold reserves could reach third place by the end of the year, but the data is only a projection and not a forecast.

Passing France first: China needs just over 27 tonnes, which is about one month at the September pace.
Passing Italy: China needs just over 42 tonnes, which is about two months at the September pace.
Holding third place: the United States and Germany are far ahead, so third is the highest realistic rank for China gold reserves.
Risk to the path: a pause in purchases or sales by another country would change the timing for China gold reserves.

Why Central Banks Buy Gold: Behind China Gold Reserves

Central banks usually cite a few reasons for adding gold, and these are general points and not statements from China's central bank:

Diversification: gold reduces reliance on any single currency in reserves.
Safe asset: gold has no credit risk and holds value during crises.
Inflation and currency hedge: gold has often held its value when currencies weaken.
Geopolitics: some countries want assets that are not exposed to financial sanctions.

The pace of China gold reserves growth shows the central bank is still adding on a steady basis, and the 23 month streak points to a policy and not a one-off purchase.

What China Gold Reserves Mean for Gold Investors

Point	What it means
Steady official demand	Central bank buying is a supportive source of demand for gold
Not a price forecast	Gold prices also depend on US interest rates, the dollar, inflation and investor demand
Indian investors	Gold exposure can come through gold ETFs and funds, and rupee moves also affect the local price
Headline risk	Large reported purchases can move sentiment even when the tonnage is small against total reserves

A single month of China gold reserves growth does not set the direction for gold, and investors should look at the full picture.

Caveats in the China Gold Reserves Data

Official figures only: The numbers are officially reported holdings. Actual holdings may differ from what is reported.

Source: The data comes from The Kobeissi Letter citing the World Gold Council, and the report does not cite a specific central bank release.

Gaps: Holdings for the United States and Germany were not given, and 2 tonnes of the 2026 total are unexplained.

Pace can change: China bought 5 tonnes in March and 23 in September, so the monthly figure is not fixed.

Other countries: Italy and France could change their reported holdings, which would change the ranking.

What to Watch Next for China Gold Reserves

The October reserve data, usually reported in the first week of November.
Whether China gold reserves keep growing by 20 to 23 tonnes a month.
Any change in Italy's or France's reported holdings.
World Gold Council data on central bank demand.
Gold prices, US interest rates and the dollar.

Conclusion

China gold reserves reached a record 2,410 tonnes after 23 tonnes were added in September, making China the fifth largest holder, about 27 tonnes behind France and 42 behind Italy. At the recent pace China could take third place this year, but that depends on future buying and on other countries. Consult a SEBI-registered advisor before making any decision.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

How much gold does China hold?

Ans. A record 2,410 tonnes of officially reported gold, making China the fifth largest holder, per Kobeissi Letter data.

Which countries hold more gold than China?

Ans. The United States, Germany, Italy (about 2,452 tonnes) and France (about 2,437 tonnes).

How much gold did China buy in September?

Ans. 23 tonnes, the largest monthly purchase since September 2023 and the 23rd consecutive month of buying.

Can China gold reserves beat France and Italy this year?

Ans. At 20 to 23 tonnes a month, China could pass both in two to three months (my calculation), but it depends on future buying and other countries' holdings.

Why do central banks buy gold?

Ans. Common reasons are diversification, safety, an inflation and currency hedge and protection from sanctions. These are general reasons and not official statements.