Goldman estimates show purchases far exceeding what is officially reported by the People's Bank of China (PBoC).
In some months, the implied volume is 10 times greater than the reported volume.
If the data is correct, China may have accumulated something close to 270 tons of gold by 2025.
A few months ago, I read an article that mentioned this topic. The author reflects in the article that China plans to expand the use of its fiat currency. This would allow it to be exchanged for gold, not only in Shanghai but also in other places where it has allies, such as in the BIRCS countries. This would give greater confidence to nations trading with China to do so in their local currency, which they could then exchange for gold.