China’s Central Bank Boosts Gold Reserves for Eighth Month

(Bloomberg) — China added to its gold reserves for an eighth consecutive month as economic and geopolitical risks and a desire to move away from the U.S. dollar drove purchases.

People’s Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released Friday. That’s equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying since November.