China Boosted Bullion Holdings in December as Prices Retreated
- Central bank added 610,000 ounces to reserves last month
- China buying gold to help promote yuan as dollar rival: Wendt
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China increased its gold hoard for the sixth straight month in December as prices extended their decline through the end of last year.
The central bank boosted reserves to 56.66 million ounces or about 1,762 metric tons from 56.05 million ounces in November, according to the People’s Bank of China. The country has expanded its stash by 6.3 percent since announcing in July a 57 percent jump since 2009.