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China reports fifth month of increasing gold reserves
From Bloomberg News
Friday, April 7, 2023
The People’s Bank of China raised its holdings by about 18 tons in March, according to data on its website on Friday. Total stockpiles now sit at about 2,068 tons, after growing by about 102 tons in the four months before March.
Nations have been building up stockpiles of bullion amid heightened geopolitical risks and high inflation. Central-bank demand rose for a second year in 2022, and the biggest buyers in January of this year were Turkey, China and Kazakhstan, according to the World Gold Council.
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This flurry of purchases by China’s central bank is the first since a ten-month run that ended in September 2019. Prior to that, the last wave of inflows ended in late-2016. ...
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