The People’s Bank of China added roughly 23 tonnes of gold to its official reserves in September, extending its buying streak to 23 consecutive months as the pace of reported purchases continued to accelerate.
In official reserve data published by China’s State Administration of Foreign Exchange, gold holdings rose to 77.47 million ounces at the end of September from 76.73 million ounces in August. The increase of 740,000 ounces, or approximately 23.02 tonnes, brought China’s reported holdings to about 2,410 tonnes.
China’s broader foreign-exchange reserves fell $38.1 billion to $3.4003 trillion during September. SAFE attributed the decline to a stronger dollar, lower global financial-asset prices and valuation effects.
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