PBoC reports rise in gold reserves for first time since 2019
Analysts say the move is part of China’s ongoing efforts to diversify its vast dollar-denominated assets
The People’s Bank of China has reported an increase in its gold reserves for the first time in more than three years, with analysts seeing the move as an insurance policy in light of US sanctions against Russia.
The PBoC raised its gold holdings by 32 tonnes in November from the month before, according to data released on December 7. The additions brought China’s reported holdings to 1,980 tonnes, worth around $112 billion.
China has the world’s sixth-largest official national gold reserves
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