China’s Central Bank Boosts Gold Reserves for Eighth Month
- PBOC holdings rise 23 tons in June, taking total to 2,330 tons
- Economic and geopolitical risks driving purchases of bullion
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China added to its gold reserves for an eighth consecutive month, with economic and geopolitical risks as well as a desire to move away from the US dollar driving the purchases.
People’s Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released Friday. That’s equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying from November.