China Reveals Gold Buying After Quarter of Mystery Purchases
- Move may be part of PBOC plans to diversify away from dollar
- Central bank can be infrequent in reporting its gold holdings
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China reported an increase in its gold reserves for the first time in more than three years, shedding some light on the identity of the mystery buyers in the bullion market.
The People’s Bank of China raised its holdings by 32 tons in November from the month before, according to data on its website on Wednesday. That brought its total to 1,980 tons, the sixth-biggest central bank bullion hoard in the world.