China's Central Bank Boosts Gold Reserves by 20 Tonnes in July, Highest Since Oct 2023
The People's Bank of China added 20 tonnes of gold in July, its largest monthly purchase since October 2023, marking the 21st consecutive monthly increase. Total official reserves now stand at a record 2,366 tonnes.
China's central bank purchased 20 tonnes of gold in July, its biggest monthly addition since October 2023. The buying follows increases of 15 tonnes in June and 10 tonnes in May, extending a streak of 21 consecutive monthly rises in official gold reserves.
Year-to-date, China has added 60 tonnes to its reserves, bringing total holdings to a record 2,366 tonnes. The central bank has also been shifting more of its gold from London to Hong Kong, a move seen as reinforcing the city's ambitions to become a major global gold-trading hub.
The relocation comes as Hong Kong launches a new gold-clearing system aimed at elevating its role in global gold trading and pricing. China's appetite for gold remains strong, with the recent accumulation and logistical moves underscoring a strategic push to diversify reserves and expand market infrastructure.
Source: The Kobeissi Letter