9 January 2023 | Other

China increases its gold reserves for second straight month

As shown by renewed data on the People’s Bank of China website, the nation’s gold holdings were extended by 30 tons in December. This increase followed an addition of 32 tons made in November. Thus, gold holdings in China are now reaching the level of 2,010 tons.

According to a report made by the World Gold Council, purchasing of gold bullion by central banks reached record highs in the third quarter of 2023. Meanwhile, only a quarter was attributed to publicly identified institutions. The new data from China shed some light on those mysterious purchasers. Those interested in the gold market also suspect Russia to be among other undisclosed buyers.

China had rarely made any reports on its reserves in the past. The November extension by 32 tons became the country’s first officially stated inflow of gold over the past couple of years.

The new information provided by the People’s Bank of China also showed that the nation’s foreign currency reserves increased by $10.2 billion last month in comparison with November. These reserves now reach the level of $3.13 trillion. Asian countries have been expanding their reserves as the U.S. dollar is getting weaker.

Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
25 April 2025 52
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
25 April 2025 39
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
25 April 2025 32
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
25 April 2025 35
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 83
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 43
Go to forecasts