China’s Gold-Buying Spree Tops 100 Tons During Trade War
- Central bank adds bullion for 10th straight month in September
- Beijing ‘needs a hedge’ against its dollar holdings, OCBC says
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China has added more than 100 tons of gold to its reserves since it resumed buying in December, reinforcing its standing as one of the major official accumulators as central banks stock up on the precious metal.
The People’s Bank of China picked up more gold last month, raising holdings to 62.64 million ounces in September from 62.45 million in August, according to data on its website. In tonnage terms, the latest inflow totals 5.9 tons, and follows the addition of about 99.8 tons over the prior nine months.