China increased its gold purchases for the sixth month running in May, taking its total reserves to 1,916 tonnes, while the country’s foreign exchange holdings defied expectations for a fall.
The People’s Bank of China bought 15.6 tonnes of the precious metal last month, according to the central bank.
The country has accumulated 74 tonnes of the precious metal since the end of November, when it initially began ramping up purchases, according to Refinitiv data. The value of its reserves have risen to $79.8bn as US-China trade tensions have rumbled on.
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