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China's gold binge extends to 10th month as reserves climb
By Sybilla Gross
Bloomberg News
Thursday, September 7, 2023
China added to its gold reserves for a 10th straight month, extending a push to bolster its hefty stockpile as it tries to diversify away from the US dollar.
Bullion held by the People's Bank of China rose by 930,000 troy ounces in August, the central bank said on Thursday. That's equivalent to about 29 tons. Total reserves now sit at 2,165 tons, with around 217 tons added in a run of purchases that began in November.
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Asia's biggest economy has been among the most enthusiastic buyers of gold in recent times as it focuses on ways to diversify its monetary reserves. The massive purchases have helped underpin prices despite rising interest rates around the world, which typically sap demand for non-interest bearing bullion. ...
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