The State Administration of Foreign Exchange (SAFE) published the September update of China’s 2026 official reserve assets table on 7 October, putting the People’s Bank of China’s gold at 77.47 million fine troy ounces at the end of September against 76.73 million at the end of August. The rise of 740,000 ounces, about 23 tonnes, is the largest monthly addition since the holding started rising again in November 2024, and September is the 23rd consecutive month of increase in SAFE’s tables. SAFE states each month-end level in units of 10,000 ounces, so every monthly addition is the difference between two levels stated at that precision.
The IMF’s definition of gold in the reserves template covers two forms of a monetary authority’s holding: gold bullion it owns and unallocated gold accounts with non-residents. SAFE’s table reports China’s gold as one figure in fine troy ounces, covering whichever of the two forms the People’s Bank of China holds. BPM6, the IMF’s Balance of Payments Manual, separates the two for gold held outside official reserves: an allocated gold account counts as ownership of a good, and an unallocated gold account as a deposit. In the LBMA’s OTC Guide, an allocated account is backed by specific bars, listed on a weight list with each bar’s number, gross weight and fineness, and the holder has no credit exposure to the institution that maintains the account. The OTC Guide treats an unallocated account as a contractual claim on the clearer that holds it, and a credit balance on it as credit exposure to that institution. A holding passes from a claim to specific bars when an unallocated balance is switched to an allocated account, a step members of London Precious Metals Clearing Limited aim to complete no later than the spot date.
SAFE’s table settles the month-end quantity; the split between bars and accounts within China’s figure rests with the People’s Bank of China as holder.