Y ·
- Credible independent estimate (unreported holdings): ~5,000+ tonnes
- Analyst Jan Nieuwenhuijs (widely followed in the gold market) estimates the PBoC held roughly 5,065 t by end-2024. Method: attribute most of the gap between WGC’s total central-bank purchases and IMF-reported purchases to covert Chinese buying; corroborate with UK-to-China 400 oz bar flows (central-bank format) and a persistent surplus vs. Shanghai Gold Exchange withdrawals.
- Links:
- Overview and methodology (Apr 2025): https://www.thegoldobserver.com/p/chinas-gold-reserves-going-through
- Earlier estimate (Sep 2023): https://www.thegoldobserver.com/p/estimated-chinese-official-gold-reserves