CX Briefing: Central Banks Plan to Boost Gold Reserves

A rundown of the news making headlines in and around China:

Central bank gold buying: A recent survey by the World Gold Council found that nearly half of surveyed central banks plan to increase their gold reserves over the next 12 months. None of the 73 institutions surveyed plan to reduce their holdings, while 95% believe central banks will boost their reserves over the same period — up 17 percentage points from last year’s global central bank gold reserves survey. The price of gold has risen rapidly in recent days as investors flee to safe-haven assets amid the escalating conflict in the Middle East. The latest data show that as of the end of May, the People’s Bank of China’s gold reserves rose to 2,296 tons, an increase of 1.86 tons from the previous month, the seventh consecutive monthly rise.