- China on Gold-Buying Spree Amid Global Push to End US Dollar Dominance
Beijing has joined the global gold rush, increasing its gold reserves for two months in a row to 59.94 million ounces. China has long been silent on its holdings of gold as many countries are turning away from the greenback.
China’s national gold reserves rose by 0.38 million ounces (nearly 12 tons) at the end of January from 59.56 million ounces at the end of December 2018, according to data released by the People’s Bank of China on Monday. The value the country’s holdings of the precious metal reached US$79.319 billion, increasing by more than $3 billion compared to the end of last year.
Before December, the Chinese central bank had not reported an increase in gold reserves for more than two years, and the official figures remained unchanged from October 2016 to November 2018, standing at 59.24 million ounces.