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China paused monthly gold purchases in May after prices surged
By Bloomberg News
Tuesday, June 7, 2016
China, the world's biggest producer and consumer of gold, took a break from adding bullion to reserves in May after prices soared 22 percent in the first four months of the year.
The People's Bank of China kept assets unchanged after boosting them for 10 straight months through April following the disclosure of a 57 percent increase since 2009. Holdings had expanded 9 percent since the start of July to 58.14 million ounces or about 1,808 metric tons, according to central bank data. ...
"I wouldn't read too much into one month of data but higher prices have probably played a role in the slowdown in accumulation," Simona Gambarini, a commodities economist at Capital Economics Ltd. in London, said by e-mail. "That said, the case for reserve diversification away from the dollar remains strong. With around a third of global government debt yielding negative interest rates, gold remains a valuable alternative." ...
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