China has never held this much gold before:

China's gold reserves surged 15.7% month-on-month in January, reaching a record $369.6 billion.
This is the eighth consecutive month of growth.
Since October 2022, China's gold reserves have increased by $266.9 billion, or 260%.
This occurred as the country's total gold reserves reached a record 2,308 tons last month.
The People's Bank of China has been buying gold for 15 consecutive months.
The gold rush in China is unprecedented.