Purchase Details The People's Bank of China (PBOC) bought 650,000 troy ounces (about 21.4 tonnes) of gold in August, the largest monthly purchase since 2023.
This purchase surpassed the previous month’s 640,000 ounces, extending the uninterrupted buying streak to 22 months.
Reserve Increase In August, the PBOC added 76.73 million troy ounces (about 2,386.6 tonnes) to its gold reserves, raising the value from $306.35 billion to $350.08 billion.
That represents a $43.7 billion increase in one month.
Strategic Approach China’s gold purchases are viewed as part of a long‑term diversification strategy rather than a reaction to short‑term price swings.
The PBOC has continued to build reserves during both rising and falling price periods.
Expert Opinions “Highly strategic and forward‑looking reserve use.” Gu Fengda, chief analyst at Guoxin Futures, described the move as “highly strategic and forward‑looking reserve use.” According to IMF data, 89% of central banks plan to increase official gold reserves in the next 12 months.
These developments underscore China’s commitment to global financial stability and reserve diversification.
China Central Bank renews 22‑month gold buying spree by purchasing 650,000 troy ounces
China’s central bank bought 650,000 troy ounces of gold in August, extending its uninterrupted buying streak to 22 months and raising reserves to 2,386.6 tonnes.
Sources
- A Para · baglanti