Commodities
China's Gold Buying Accelerates, Sets Sights on Repatriating Reserves
China's official gold buying has accelerated further in June, with the People's Bank of China purchasing 640,000 troy ounces. This is a nearly 20-tonne increase in reserves and the largest since 2023.
The Chinese central bank has now added gold to its reserves for 21 consecutive months, increasing its holdings by nearly 60 tonnes year-to-date.
China currently holds 2,366 tonnes of gold, valued at $306.35 billion.
It's worth noting that China is likely holding significantly more gold than it publicly discloses, with some estimates suggesting the central bank has over 5,000 tonnes in Beijing.