China's gold reserves increase for 24 consecutive months... dollar valuation decreases
Original headline중국 금 보유량 24개월 연속 증가…달러 평가액 감소
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China’s central bank raised its gold holdings to 78.30 million ounces at end-October from 77.47 million ounces a month earlier, an increase of 830,000 ounces (about 25.82 tonnes) that lifts total reserves to roughly 2,435.4 tonnes and extends the consecutive accumulation streak to 24 months, according to State Administration of Foreign Exchange reserve-asset data. The dollar value of the gold stock fell in October even as volumes rose, reflecting weaker bullion prices; end-September valuation was $323.517 billion. The persistent buying signals continued official-sector demand and reserve diversification away from dollar assets, a backdrop that has supported gold prices. Watch upcoming monthly reserve data for whether the pace of purchases accelerates or slows, and track gold’s dollar price for the valuation effect on China’s reported reserves.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
People's Bank of China, China, State Administration of Foreign Exchange