Chinese reserves rose for the first time since 2019
2022.12.07 06:57
Chinese reserves rose for the first time since 2019
Budrigannews.com – The first time the Chinese central bank has disclosed an increase since September 2019 was on Wednesday, when it announced that it had added 32 tonnes of gold to its reserves, which total approximately $1.8 billion.
At the end of November, China’s reported holdings totaled 1,980 tonnes, or approximately $112 billion.
After countries such as Russia, Germany, and the United States, China has the largest official national gold reserves in the world, totaling 8,133.5 tonnes.
Before disclosing additions of hundreds of tonnes, China has frequently reported that its gold holdings had not changed for years. It has reported steady monthly increases at other times.
In the third quarter of 2022, central banks around the world purchased 399 tonnes of gold, the most ever purchased in a single three-month period, according to the China central bank (WGC).
It said that a lot of that gold was bought by central banks that didn’t say who bought it, which made people think that countries like China and Russia might be stockpiling it.
Gold demand and prices, which are currently around $1,775 per ounce, should be supported by increased demand from central banks.
Gold’s price has fallen in recent months as financial investors in Europe and the United States became less interested in the metal, which does not offer a yield, as a result of rising interest rates and bond yields.
The People’s Bank of China released data showing that China’s foreign exchange reserves increased more than anticipated in November, including the reported increase in gold reserves.
