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China extends gold buying streak to 20 months amid de-dollarisation efforts

By PulseAugur Editorial · [1 sources] ·

China's central bank has continued its extensive gold purchases for the 20th consecutive month, adding approximately 14.93 tonnes in June. This sustained accumulation aims to diversify the nation's foreign-exchange reserves and decrease reliance on US dollar-denominated assets. The move is seen as a strategic effort to enhance reserve security against sanctions and global financial volatility, even as gold still represents less than 10% of China's total reserves. AI

RANK_REASON Significant economic policy action by a major global economy, involving diversification of reserves and de-dollarisation strategy. [lever_c_demoted from significant: ic=1 ai=0.1]

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AI-generated summary · Google Gemini · from 1 sources. How we write summaries →

China extends gold buying streak to 20 months amid de-dollarisation efforts

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Significant economic policy action by a major global economy, involving diversification of reserves and de-dollarisation strategy. [lever_c_demoted from significant: ic=1 ai=0.1]
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COVERAGE [1]

  1. SCMP — Tech TIER_1 English(EN) · Chelsea Yang ·

    China extends gold-buying binge to 20th month amid Beijing’s de-dollarisation push

    China’s central bank extended its gold-buying streak to a 20th straight month in June, adding 480,000 troy ounces (14.93 tonnes) to its reserves as policymakers continued to accumulate bullion amid de-dollarisation discussions. The People’s Bank of China said gold holdings rose t…

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