The people’s Bank of China announced that it increased the country’s gold reserves by about 23 tons last October, the twelfth monthly increase in a row, as part of the bank’s policy to diversify its financial reserves.
According to official data, China’s gold reserves amounted to 2,215 tons at the end of October, compared to 2,192 tons at the end of September, an increase of 1%.
China is the second largest holder of gold in the world after the United States, as Beijing seeks to reduce its dependence on the US dollar, especially in light of trade tensions between the two countries.
They added that China is also benefiting from the decline in global gold prices, which fell by 3.2% in October.
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