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China stops individuals from buying, selling or storing gold, echoing a 1949‑1982 ban. The move follows a 19‑month gold‑buying spree that lifted reserves to
China’s central bank announced on May 5 2026 that personal gold transactions are again prohibited, ending all private buying, selling and storage of the metal — a policy last in force from 1949 to 1982 [1]. The decision comes as the People’s Bank of China (PBOC) has been buying gold for 19 consecutive months, swelling official reserves to 74.96 million ounces [2].
| At a glance | |
|---|---|
| Policy change | Personal gold trading banned (effective May 5 2026) [1] |
| Historical context | First ban 1949‑1982 to protect the young renminbi [1] |
| Gold purchases | 19 months of buying, reserves now 74.96 m oz [2] |
| Reserve share | Gold 8.8 % of China’s total international reserves [2] |
When the People’s Bank of China first froze all gold transactions in 1950, the aim was to safeguard the nascent renminbi and secure foreign‑exchange for industrial imports [1]. After the 1980s, the market opened for jewelry, but a “unified purchase‑distribution” system persisted, requiring all domestically produced gold to be surrendered to the central bank [1]. The new ban reinstates the original prohibition, signaling a return to tight, state‑directed control over the metal.
Since early 2025, the PBOC has added gold to its balance sheet each month, reaching a record 74.96 million ounces by May 2026 [2]. Despite this buildup, gold still represents only about 8.8 % of China’s total international reserves, well below the 27 % average of other central banks [2]. Analysts suggest the accumulation supports the broader goal of using gold as collateral for the internationalisation of the renminbi, rather than merely diversifying assets [2][3].
The reinstated ban underscores Beijing’s willingness to re‑impose direct market controls when strategic objectives shift, raising questions about how the growing gold stock will be deployed to bolster the renminbi’s global role.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jul 30, 2026 · How we report
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