China Adds Gold to Reserves for Seventh Month in May
Waleed Farouk
The People's Bank of China (PBoC) announced a fresh addition to its gold reserves in May, marking the seventh consecutive month of expansion. According to Krishan Gopaul, senior analyst at the World Gold Council for EMEA, China added approximately 2 metric tons during the month, pushing total net purchases for 2024 to 17 tons and lifting overall holdings to 2,296 tons.
Despite the increase in physical reserves, the value of China's gold holdings dipped to $241.99 billion by the end of May, compared to $243.59 billion in April. The decline comes after gold prices hit a record high above $3,500 per ounce in April, temporarily boosting the reserve's valuation.
Last year, the PBoC paused gold acquisitions for six months following an 18-month buying spree. It resumed purchases in November, shortly after Donald Trump's win in the U.S. presidential election.
China Opens Gold Futures to Foreign Investors
In a strategic move to deepen its role in global gold markets, the Shanghai Futures Exchange unveiled a plan on May 27 to allow direct access for foreign investors and brokers. The initiative outlines 34 proposals covering derivatives trading in gold and silver, hedging, and precious metals futures.
Key reforms include permitting foreign participants to trade without local intermediaries and to post margin in major foreign currencies like the U.S. dollar. Public feedback on the proposals is open until June 4.
This opening aligns with China's broader strategy to internationalize the renminbi and boost its influence in commodity pricing. On April 21, a coalition of four Chinese government entities, including the central bank, launched a plan to globalize the Shanghai Gold Exchange. The initiative includes establishing offshore delivery warehouses, aiming to rival the London Metal Exchange in price-setting.
While specific products under the global expansion remain unspecified, the Shanghai Gold Exchange primarily focuses on gold, silver, and platinum trading.
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Actively advancing the logistics channels between the two sides. The Hunan-Guangdong-Africa sea-rail inter-modal train service has run 1,915 in total, with the annual number of trips exceeding 1,000 in 2024 for the first time. The scheduled all-cargo flight between Dar es Salaam and Guangzhou was officially launched, and the number of passenger flights between China and Africa has increased by 22 percent compared with pre-Summit level. The Agreement between the Government of the People's Republic of China and the Government of the Republic of Liberia on Maritime Transport has come into effect. 13. Continuously developing platforms and channels for financial connectivity. The Chinese side has provided African financial institutions with credit support worth of RMB11.16 billion yuan, and the African Export-Import Bank has issued a Panda Bond of RMB2.2 billion yuan. The China-Africa Development Fund and the China-Africa Capacity Cooperation Fund have newly invested about RMB3.2 billion yuan and RMB2.9 billion yuan in Africa respectively. Cooperation 14. Carrying out international development cooperation in various forms. China has continued to provide grant to the African side. China has been actively advancing nearly 600 'small and beautiful' projects, covering connectivity, poverty alleviation for the benefit of farmers, health, green development, digital economy, and people-to-people exchanges, benefiting almost all African nations. Positive progress has been made in multiple projects including the Stadium and Swimming Pool Project in the Comoros, the social housing project in Seychelles, the Improved Public Educational Service Facilities for Youth in Sierra Leone, the Youth Cultural Palace Project in Algeria, the Yaoundé Conference Center Technical Cooperation Project in Cameroon, the Project for the reconstruction of the Olympic Stadium in Menzah, Tunisia, the Project of Technical Assistance of the Presidential Palace and the National Stadium in Cabo Verde, the project of 500 social housing units in Djibouti, and the Multipurpose Building Construction Project for Gabon's Ministry of Foreign Affairs. China has provided urgent humanitarian aid to the Democratic Republic of the Congo, Sudan, and Mozambique, and supported Senegal in hosting the Dakar 2026 Summer Youth Olympic Games through assistance in stadium technical maintenance, goods and materials, and technologies. 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The China-World Bank Group Partnership Facility was replenished by a signed agreement, and has delivered the first donation of US$20 million on that basis. 17. Enhancing international cooperation in capacity-building of Artificial Intelligence (AI). China has put forward the AI Capacity-Building Action Plan for Good and for All, and established with Zambia the Group of Friends for International Cooperation on AI Capacity-Building and held group activities. China has hosted the Workshops on AI Capacity-Building, and supported Rwanda in hosting the Global AI Summit on Africa. 18. Implementing the medical and health programs. The project of the new Regional Hospital of Tadjourah in Djibouti completed construction and has been handed over, and the projects of the Bobo-Dioulasso Hospital in Burkina Faso and the El-Maarouf National Center Hospital in the Comoros will soon be completed and handed over. Positive progress has been made in various projects including the National Surgical Center in Mozambique, the Masaka Hospital renovation and expansion project in Rwanda, the renovation of the Friendship Hospital and the housing facilities of the Chinese medical teams in the Central African Republic, the upgrade and renovation of the China-Chad Friendship Hospital in Chad, the project of the cancer center of the University Hospital of Gabès of Tunisia, the upgrade and expansion of Jakaya Kikwete Cardiac Institute in Tanzania, the construction of maternity and pediatric nursing building of the Hospital Baptista de Sousa in Cabo Verde, the project of the National Clinical Diagnostic and Treatment Laboratory in Liberia, the medical assistance to the China-Equatorial Guinea Friendship Hospital, and the second phase of the expansion and modernization of the Juba Teaching Hospital in South Sudan. 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The China-Sierra Leone TCM Center was officially established, and the China-Morocco TCM Center will soon be opened. China provided cholera vaccines to countries including Zambia and anti-mpox material assistance to the Democratic Republic of Congo. 19. Strengthening sharing of clinical techniques. China implemented the Minimally Invasive Medicine Program, and shared techniques with Zimbabwe and Tanzania (Zanzibar), which helped open a new era of minimal invasion surgery in Africa. The 4th Sino-Africa Artemisinin Combination Therapy for Malaria Control Seminar was held. The China-Africa Technical Exchange Conference on Tropical Diseases Control and Prevention and the China-Africa Hospital Development Conference will be held respectively in June and August, 2025. Progress was made on establishing an alliance of Chinese and African hospitals, and one or two China-Africa Joint Medical Center(s) will be set up in December, 2025. 20. Supporting Africa's health industry. Since the Summit, China has sent a total of 508 medical aid personnel, providing treatment to 1.06 million local patients. The medical teams provided daily clinical service for local women and children, trained local medical and care personnel, and raised public awareness of health. China offered technical assistance to the Africa Centers for Disease Control and Prevention by sending two professionals as technical consultants. Women and children health cooperation projects were conducted in Tanzania, Guinea Bissau, Burundi and Gambia. Multiple missions of the free medical services program of '100 Medical Teams in 1,000 Villages,' including the Brightness Action and the China-Africa Heart-to-Heart Medical Mission, were implemented in Ethiopia, Zimbabwe, South Sudan, Equatorial Guinea and other countries, benefiting around 400 thousand patients. Infection Prevention & Control Training Courses were held. Expert teams were sent to Burkina Faso to help train 30 local technical professionals, and memorandums of understanding on cooperation on public health, parasitic diseases control and prevention and other fields were signed. The hospital ship Peace Ark visited 12 African nations to provide medical services. The Red Cross Society of China (RCSC), working with its cooperation partners, has implemented in Africa a free lunch project that covers 35 schools, helping 8,297 children return to school. The China Foundation for Rural Development has conducted the project of food delivery for children in the Democratic Republic of Congo, and built local kitchens benefiting 1,400 students. China cooperated with UNAIDS and other institutions to implement an HIV prevention and treatment campaign through the Global Development and South-South Cooperation Fund, and with UNICEF to carry out the project of early development service for children in Rwanda. VII. Agriculture and Livelihoods 21. Strengthening mutual exchange and sharing of agricultural techniques. China sent more than 200 agricultural experts to countries including Madagascar, Eritrea and Burundi, and provided assistance of material and expertise to the agricultural technology centers in Equatorial Guinea and other countries. Technical demonstration of green and effective production and processing of cassava started in the Republic of the Congo, Kenya, Nigeria and Ghana. Progress was made in the Juncao technological projects in Central Africa, Zimbabwe, Tanzania, South Sudan and other countries, and in the Sustainable Rice and Millet Food Systems Transformation in Gambia. China carried out the Poverty Alleviation and Agriculture Assistance in Red Sea State, Sudan with the UN Food and Agriculture Organization (FAO). China launched agricultural cooperation projects in Malawi and Namibia, and sent 16 agricultural experts to provide technical guidance. 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China attended the 7th International Exhibition of Agriculture and Animal Resources in Côte d'Ivoire as the guest of honor and held the China Day event. China has worked actively with agricultural science and education institutions of African countries to jointly advance the construction of the China-Africa Center for Tropical Agricultural Science and Technology. VIII. People-to-People Exchanges 24. China and Africa are preparing for a series of events of the Year of China-Africa People-to-People Exchanges and have issued the concept paper. 25. Advancing China-Africa cooperation on talent cultivation. China has helped train more than 10 thousand professionals of various areas for African nations, and plans to provide training programs for about 20 thousand people covering more than 100 professions in over 20 fields including connectivity, health, poverty alleviation for farmers, trade and investment, green development and digital economy in 2025. 26. Enhancing education cooperation. 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The China-aided National Examinations and Competitions Center in the Republic of the Congo started construction. 27. Expanding people-to-people exchanges. Progress was made on 18 projects of people-to-people exchanges, including the Confucius Institute in the Republic of the Congo and the Culture Palace technical support project in Côte d'Ivoire. Training on culture and tourism was held, involving over 200 African professionals. China conducted a joint underwater archaeology project with South Africa. A total of 54 flagship events including 'Happy Spring Festival' and China-Africa Cultural Focus were held in African nations. The 2024 China-Africa Cultural Silk Road Exchange Month, China-Africa Culture and Tourism Exchange Conference, and 'Hello! China' tourism promotion were held. China hosted the third China-Africa Youth Innovation and Entrepreneurship Competition, and will host the fifth China-Africa Future Leaders' Dialogue and China-Africa Youth Innovation and Entrepreneurship Forum in July 2025, and the ninth China-Africa Youth Festival in September 2025. China attended the 39th edition of Tunis International Book Fair as guest of honor. 28. Enriching cooperation on press and media. The China-Africa Press Center Program was implemented, inviting journalists from 49 African countries including Angola and Niger to China. Over 100 media personnel from 23 African countries including Kenya, South Africa, and Burundi came to China for visits or assisted training programs. The two sides have enhanced cooperation on television and film production. The 'Reel Africa' film screening and salon event was held. China cooperated with Egypt, Ethiopia, the African Broadcasting Union as well as other countries and organizations on historical film restoration. China has handed over the Seychelles Broadcasting Center Project to the host country, and completed the maintenance of the Djoué Radio Station of the Republic of the Congo. The events of 'Seeing China' were held in Egypt, Ethiopia, etc. IX. Green Development 29. Enhancing practical cooperation on climate change, green development and in other key areas. From the Summit to the end of March 2025, the revenue of the contracted clean energy projects in Africa by Chinese enterprises reached RMB21.18 billion yuan. The Special Found for China-Africa Green Industrial Chain was founded, and seven projects with an investment of RMB6.2 billion yuan have been approved. Support was given to African nations with the implementation of the first batch of programs under the Kunming Biodiversity Fund. The China-Africa Green Envoys Program was implemented, uplifting the green skills and knowledge sharing of sustainable development of both sides. China has signed memorandums of understanding on green development with countries including Guinea-Bissau, Ethiopia and the Republic of the Congo, and implemented the Climate Information and Early Warning Systems (CIEWS) with the United Nations Development Programme (UNDP) in Seychelles, Madagascar and other countries. 30. Strengthening cooperation on marine and geology and mineral resources sectors. China has signed cooperation agreements and provided material assistance to countries including Benin, Togo, and Ghana, supporting them in enhancing capabilities of marine observation and monitoring. Geology officials and experts were invited to China for exchange and visits, and a total of 13 geoscience training programs were held for African countries, training over 400 participants. China has signed cooperation documents in earth science with Zambia, South Africa, and other countries. 31. Strengthening scientific cooperation. China signed an intergovernmental agreement on science and technology cooperation with Kenya. China hosted the second China-Africa BeiDou Navigation Satellite System (BDS) Cooperation Forum, issued the Joint Statement of the Second China-Africa BDS Cooperation Forum, and signed BDS cooperation documents with African countries. Construction of the China-Africa Cooperation Center on Satellite Remote Sensing Application was making progress. China provided emergency satellite imaging services for natural disasters preparedness in Nigeria, Ethiopia and other countries, and delivered satellite remote sensing data processing software for Cameroon. The China-South Africa jointly-built remote sensing satellite ground station was put into operation, and real-time satellite-to-ground quantum communication and 10,000-kilometer quantum key distribution was utilized in bilateral cooperation for the first time. A major achievement of scientific research between China and Kenya Flora of Kenya (Vol. 4) Orchidaceae was released. Construction started on the China-Zimbabwe BRI joint laboratory of agro-ecological environment and cash corp research. Training courses on digital transformation were held for Libya. China also held the China-Africa Innovation Cooperation and Development Forum, and will hold the China-Africa Forum on Peaceful Use of Nuclear Technology. X. Common Security 32. Building the Global Security Initiative (GSI) demonstration zone. China has signed memorandums of understanding of the GSI and conducted practical cooperation in areas of traditional and non-traditional security under the framework of the GSI with multiple African countries. The two sides are working to further strengthen their partnership for implementing the GSI, promote the Partnership Action for Common Security, and jointly safeguard and promote regional and global peace and stability. 33. Enhancing cooperation on peace and security. With the joint efforts of China, African countries and other members of the developing world, the 79th session of the United Nations General Assembly adopted in December, 2024 with a vast majority the resolution on Promoting International Cooperation on Peaceful Uses in the Context of International Security. Safe City projects in countries including Djibouti and Guinea were implemented, and construction started on the smart customs project of Côte d'Ivoire. 34. Strengthening communication on security issues. The first Military Education Seminar of the China-Africa Peace and Security Forum, the fourth Thematic Conference on Military Medicine under the Framework of China-Africa Peace and Security Forum, and the third Counter Terrorism Consultation between Ministries of Foreign Affairs of China and Egypt were held. The delegation of African young and middle-aged military officers visited China. 35. Strengthening police and military cooperation. China has worked with Ethiopia, Somalia and the African Union to implement the second batch of projects under the framework of the initiative to help Africa in demining. The China-aided military housing infrastructure project at the Army Peace Operations Training School in Ghana was completed and handed over. 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