China Pours Record $3.1B into Gold Reserves in Largest Monthly Purchase Since 2023
China's central bank has made its largest monthly gold purchase since October 2023, adding 20 tonnes to its reserves in July.
This brings China's year-to-date total to 60 tonnes and marks the 21st consecutive month of buying gold. According to the World Gold Council, this is the biggest single-month gain for China since last year.
The People's Bank of China (PBoC) has been steadily increasing its gold reserves over the past few months, with at least a 10-tonne monthly purchase in May and June as well. This trend continues into July, with the PBoC adding 20 tonnes to its reserves.
China now holds approximately hundreds of tons in gold, which is nearly a tenth of its total reserves. This makes China one of the largest gold holders globally, ranking sixth on the list according to the World Gold Council.