PBOC Stocks Up on Gold in Hong Kong Amid Bullion Trading Hub Push
The People's Bank of China (PBOC) is stockpiling more gold in Hong Kong as part of its push to become a major bullion-trading hub.
According to sources, the PBOC has built up inventories in Hong Kong over the past few months and plans to continue relocating metal from London to Hong Kong.
This move is accelerating a longer-term trend where the PBOC is moving some of its gold reserves back home from London.
The increased volumes bought by the PBOC have helped keep gold prices above the key $4,000-an-ounce support threshold in recent weeks.