China’s gold chase to gain pace in an uncertain world

S&P Global

Charles Chang

Research

32 Pages

S&P Global examines China’s push to treat gold as a strategic asset tied to national security, reserve diversification, and renminbi internationalization. China remains the world’s largest producer and consumer, yet gold is only 6.7% of official reserves, while top Chinese miners’ overseas production rose 25% in 2025.

Key Takeaways

Reserve gap remains: China’s gold share of official reserves reached 6.7%, versus 16.6% across developed markets, leaving room for further accumulation.
Gold Road expands: Hong Kong plans to expand gold storage capacity tenfold to over 2,000 tonnes within three years, supporting yuan-based trading.
Miners expand abroad: Overseas production by China’s top miners surged 25% to 90 tonnes in 2025, versus just 1% domestic growth to 381 tonnes.
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