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China boosts gold reserves for eighth month

Section: Daily Dispatches

By Sybilla Gross
Bloomberg News
Friday, July 7, 2023

China added to its gold reserves for an eighth consecutive month, with economic and geopolitical risks as well as a desire to move away from the U.S. dollar driving the purchases.

People's Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released today. That's equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying from November.

... Dispatch continues below ...


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China has been an enthusiastic buyer of gold, partly due to its desire to chip away at the dominance of the dollar in global market. It is also struggling with a disappointing recovery from the pandemic, and an increasingly strained relationship with the United States. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2023-07-07/china-s-central-bank-boosts-gold-xauusd-reserves-for-eighth-month#xj4y7vzkg

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