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China Adds 5 Tonnes of Gold to Reserves in November Amid Economic Growth
Dec 7, 2024, 07:13 AM
China has resumed purchasing gold for its official reserves, marking the first increase since April 2024 after a six-month hiatus. The People's Bank of China (PBOC) added 5 tonnes of gold in November, bringing its total gold reserves to 2,269.3 tonnes. This move coincides with China's foreign exchange reserves reaching $3.2659 trillion at the end of November, an increase of $4.8 billion or 0.15% from the previous month. The resumption of gold buying is seen as a strategic move by China's central bank to diversify its reserves amidst a backdrop of strengthening economic growth and a slight drop in gold prices in November.
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