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Commodities

PBOC Extends Gold Reserve Buying Streak to 21 Months

Guavy AI Editorial Team
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Gold
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The People's Bank of China (PBOC) has extended its streak of increasing gold reserves to 21 consecutive months. The PBOC announced that as of the end of July, its gold reserves stood at 76.08 million ounces, a 20-ton increase from the previous month.

This marks the largest monthly increase since October 2023 and surpasses the PBOC's previous longest streak of 18 consecutive months from November 2021 to April 2024.

The increase is seen as an attempt to reduce dependency on dollar-denominated assets and diversify its portfolio amid intensifying US-China competition.

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