China Boosts Gold Reserves with Largest Monthly Increase Since 2023

China's central bank continued its gold-buying streak, adding to its official reserves for the 22nd consecutive month in August. The country's bullion holdings rose by 650,000 ounces to reach a total of 76.73 million ounces by the end of the month.

This marked the biggest monthly increase since October 2023, when China added 740,000 ounces to its reserves. The latest increment was also higher than the previous two months, with increases of 640,000 and 480,000 ounces in July and June, respectively.

China's foreign exchange reserves also saw a boost, rising by $19.5 billion or 0.57 percent to reach $3.4383 trillion at the end of August. This increase was attributed to the decline of the US dollar index and mixed performance of major global financial assets.