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.