China Boosts Gold Reserves Amid Hong Kong Expansion Plans

China has added nearly 20 metric tonnes of gold to its reserves in July, the largest monthly purchase since October 2023. According to official SAFE data, China's bullion holdings now stand at about 2,366 tonnes.

The increase follows earlier purchases of roughly 15 tonnes in June and 10 tonnes in May, with combined purchases reaching approximately 60 tonnes for the year so far.

Hong Kong is also expanding its role in international gold trading and storage, with plans to increase vault capacity more than tenfold to above 2,000 tonnes by 2030. The city has recently launched a central gold clearing system, revived US dollar-denominated gold futures, and introduced new physical settlement arrangements.