PBOC Buys Gold for 21st Straight Month, Holdings Top 76 Million Ounces
JOON HYOUNG LEE
Summary
- The People's Bank of China increased its gold holdings to 76.08 million ounces after buying for a 21st consecutive month.
- The PBOC's gold holdings rose by 640,000 ounces from 75.44 million ounces a month earlier.
- Central banks in major economies have been steadily increasing their gold holdings to reduce dependence on the dollar.
Forecast Trend Report by Period
China's central bank added to its gold reserves for a 21st consecutive month.
BlockBeats reported on August 7 that the People's Bank of China's gold holdings stood at 76.08 million ounces at the end of last month, up 640,000 ounces from 75.44 million ounces a month earlier.
The Bank of Korea has also decided to resume purchases of physical gold for the first time in 13 years. Central banks in major economies have been steadily increasing their gold holdings to reduce dependence on the dollar.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul