China’s Gold Splurge Reaches Sixth Month as Reserves Rise Again

ByBloomberg News

May 6, 2023 at 11:24 PM EDT

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China added to its gold reserves for a sixth straight month, extending a flurry of purchases as central banks around the world expand their holdings of bullion amid escalating geopolitical and economic risks.

China raised its gold holdings by about 8.09 tons in April, according to data from the State Administration of Foreign Exchange on Sunday. Total stockpiles now sit at about 2,076 tons, after the nation increased reserves by about 120 tons in the five months through March.

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