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China increased its gold holdings in September even as the dollar value of those holdings fell, according to official reserve data updated on October 7. The figures show why the amount of gold held and the value assigned to it need to be read separately.
The State Administration of Foreign Exchange table lists 77.47 million ounces at the end of September, compared with 76.73 million at the end of August. The difference is 740,000 ounces, calculated from the published totals.
More gold, lower valuation
The same table puts September’s gold reserve value at approximately US$323.52 billion, down from US$350.08 billion in August. Reuters reporting carried by The Edge Malaysia independently describes September as the central bank’s 23rd consecutive month of additions and notes that gold prices fell during the month.
These are month-end reserve figures released in October. They are not the price of gold on October 7, and they do not establish the exact dates or prices of individual transactions.
Foreign-exchange reserves also declined
In a separate October 7 release, SAFE said foreign-exchange reserves were about US$3.4003 trillion at September’s end, down US$38.1 billion, or 1.11%, from August. The agency attributed the movement to factors including exchange-rate conversion and changes in asset prices.
That explanation matters: a dollar-denominated reserve total can change because the currencies and assets inside it are valued differently, rather than solely because authorities bought or sold them.
What the figures cannot tell investors
Analysis: Central-bank holdings and a household investment decision answer different questions. The reserve table describes an institutional portfolio at a particular date. It does not provide a target for tomorrow’s bullion price or establish a risk-free return.
Nor does a monthly addition prove that demand from every buyer is rising. Jewellery purchases, investment funds and official institutions can behave differently. Readers should be cautious about turning one reserve series into a claim about the entire market.
The next comparisons will be subsequent official monthly totals. For now, the confirmed development is higher reported gold volume alongside a lower September valuation.
Sources: SAFE official reserve table; SAFE September foreign-exchange release; Reuters via The Edge Malaysia, October 7. Reviewed October 7, 2026.
Image credit: Illustrative gold stock photograph by Jingming Pan / Unsplash; not a photograph of China’s reserve holdings.
