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Markets · November 7, 2026 · 2 min read

China reports more gold in October reserves, but a lower dollar valuation

By Econ Data Tools Editorial Team

Published November 7, 2026 • Updated November 7, 2026

SAFE reports 78.30 million ounces at October-end, up 830,000 ounces from September. The gold stock's reported dollar value fell, while foreign-currency reserves rose slightly.

China reported 78.30 million ounces of gold in its official reserves at the end of October 2026, up from 77.47 million ounces at the end of September. The State Administration of Foreign Exchange's 2026 reserve-assets table shows an increase of 830,000 ounces. The figures describe reported month-end holdings, not the dates or prices of individual purchases. The larger physical holding came with a lower dollar valuation. The table values gold reserves at $306.411 billion for October, down from $323.517 billion for September. An increase in ounces therefore should not be described as an increase in the market value of the gold stock or as evidence that official buying prevents price declines. The unit labels matter when reading the source. Dollar values are reported in units of 100 million U.S. dollars, while the physical gold row is labelled in ten-thousand-ounce units. October's 7,830 and September's 7,747 in that row correspond to 78.30 million and 77.47 million ounces, respectively. The dollar valuation and physical quantity are different measures. Foreign-currency reserves rose from $3.400251 trillion in September to $3.405178 trillion in October. In its November 7 explanation, SAFE rounded the October stock to $3.4052 trillion and the monthly increase to $4.9 billion, or 0.14%. This foreign-currency figure is a separate component of official reserve assets, not a total that already includes the gold line. SAFE attributed the rise in foreign-currency reserves to the combined effects of exchange-rate conversion and asset-price changes, against a background of a stronger dollar and mixed moves in global financial markets. The explanation does not identify an individual gold-purchase strategy or show that the central bank timed its purchases to a particular price pullback. The reserve table is useful for separating quantities from valuations and for tracking changes across reporting periods. It does not disclose transaction-level gold prices, provide a gold-price forecast or establish that a particular level will act as a market floor. Claims about buying motives or protection for private investors require evidence beyond these month-end figures.

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