China’s central bank adds 23 tonnes of gold to reserves

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  China’s central bank added 23 tonnes of gold to its reserves in September, the largest monthly increase in three years.

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  The People’s Bank of China said holdings rose by 740,000 troy ounces to 77.47 million ounces at the end of the month.

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  The increase came as gold prices dipped and China sought to reduce its exposure to US dollar assets, according to the SCMP.

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  China’s gold reserves were worth about US$324 billion at market prices, compared with foreign exchange reserves of US$3.4 trillion.

Who

The People’s Bank of China, China’s central bank.

What

It added 23 tonnes of gold to its reserves, lifting holdings to 77.47 million ounces.

When

In September; the holdings were reported at the end of September.

Where

China.

Why

The SCMP said the bank took advantage of a dip in gold prices and sought to reduce exposure to US dollar assets amid tensions with Washington.

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