China’s central bank extended its gold buying streak to 19 months in May, reinforcing Beijing’s push to diversify reserves as global markets brace for a longer period of geopolitical and monetary uncertainty.

The People’s Bank of China raised its gold holdings to 74.96 million fine troy ounces at the end of May, up from 74.64 million ounces a month earlier. The increase amounts to 320,000 ounces, the largest monthly addition since December 2024.

The latest purchase continues a buying cycle that resumed in November 2024 after a six month pause. Before that break, China had built an 18 month buying streak that ended in May 2024.

The move came as China’s foreign exchange reserves climbed to $3.442 trillion in May, their highest level since November 2015. The increase gives Beijing more room to keep diversifying its reserve base while maintaining the world’s largest stockpile of foreign currency reserves.

Gold still makes up a smaller share of China’s reserves than it does in the US and several major European economies. That gap is one reason investors continue to watch whether the PBOC keeps adding at a steady pace.

China is still buying gold even after the metal’s sharp rally, suggesting the central bank is prioritizing reserve security and diversification over short term price levels.