China Extends Gold Buying Spree to 10th Month

China extended its streak of expanding gold reserves to a 10th consecutive month in August while the country’s total foreign exchange reserves declined amid falling prices of global financial assets.

The central bank added about 930,000 ounces of gold into its reserves last month, increasing its holdings to 69.62 million ounces (2,165 tons), according to data from the State Administration of Foreign Exchange (SAFE). Since November, China has added a total of 5.95 million ounces of the precious metal to its hoard.