BUSINESS China hikes gold holdings for seventh month in a row

BUSINESS

China hikes gold holdings for seventh month in a row

CGTN

11:07, July 09, 2019

China's gold reserves rose for a seventh straight month in June, said the central bank Monday.

Gold reserves stood at 61.94 million ounces last month, up 330,000 ounces from May, according to a statement from the People's Bank of China.

While China is the world's biggest producer of gold, its holdings make up a small percentage of its total foreign exchange reserves.

China's foreign exchange reserves edged up 0.6 percent or 18.2 billion U.S. dollars month on month to the tune of 3.1192 trillion U.S. dollars at the end of June, official data showed.

Gold purchases of central banks worldwide settled at 650 tons last year, and are expected to reach 750 tons this year, according to Goldman Sachs.

(With input from Xinhua)


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