AI Data Insight
In Q1 2026, the net change in monetary gold under China's financial account was reported at USD 0.0 billion, flat compared to the previous quarter, indicating no cross-border flows. However, external data shows that the People's Bank of China (PBOC) has increased its gold holdings for 19 consecutive months up to May, reflecting that official gold purchases may be conducted through non-cross-border settlement channels such as domestic acquisitions. Its long-term strategy of de-dollarization and optimizing the reserve structure remains unchanged.