Economics
China Scoops Up More Gold for Reserves During Trade War
- PBOC increases bullion holdings as prices rally to 2013 high
- Influx in July takes recent expansion to more than 90 tons
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There’s a powerful constant amid the to-and-fro of the U.S.-China trade war as currency policy gets dragged into the standoff between the world’s two top economies: Beijing wants more gold in its reserves.
China’s central bank expanded gold reserves again in July, pressing on with a run that stretches back to December. The People’s Bank of China raised holdings to 62.26 million ounces from 61.94 million a month earlier, according to data on its website. In tonnage terms, the inflow was close to 10 tons, following the addition of about 84 tons in the seven months to June.