China has added almost 100 tonnes of gold to its reserves over the last ten months, underlining its position as one of the leading central bank buyers of the precious metal.
The People’s Bank of China announced over the weekend that its holdings of the yellow metal rose to 62.64m ounces in September, an increase of 190,000 ounces from August.
The increase of nearly 5.4 tonnes of gold to China’s holdings — bringing the total additions since December to about 96 tonnes — comes at a time when central banks across the world have been trying to diversify their reserve assets away from the US dollar as trade tensions continue to simmer. Gold is considered a haven asset and a store of value in times of uncertainty.
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