China’s gold reserves grow for eight months in a row – Kommersant

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The People’s Bank of China increased its gold reserves by another 67.9 million troy ounces, or 23 tons, in June. Such data published Today, July 7, the State Monetary Administration of the People’s Republic of China. This is the eighth month in a row that the country’s gold reserves have increased. According to Bloombergnow China’s total gold reserves are 2.33 thousand tons and the country ranks sixth in the world in this indicator after the USA, Germany, Italy, France and Russia.

China began to systematically increase its gold and foreign exchange reserves in December 2020, in particular, in order to reduce dependence on the US dollar and diversify foreign exchange reserves. Now China has the largest foreign exchange reserves in the world, at the end of June they exceeded $3 trillion.

Alena Miklashevskaya

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