Bloomberg News: China's Gold Binge Extends to 10th Month as Reserves Climb
Article by Sybilla Gross in Bloomberg News
China added to its gold reserves for a 10th straight month, extending a push to bolster its hefty stockpile as it tries to diversify away from the US dollar.
Bullion held by the People’s Bank of China rose by 930,000 troy ounces in August, the central bank said on Thursday. That’s equivalent to about 29 tons. Total reserves now sit at 2,165 tons, with around 217 tons added in a run of purchases that began in November.
Asia’s biggest economy has been among the most enthusiastic buyers of gold in ......