De-dollarization Drive: China Increases Gold Reserves to 2,330 Tons
China’s central bank has extended its gold-buying spree for an eighth consecutive month, adding 70,000 troy ounces of gold to its official reserves in June.
This brings the total purchases since November to about 1.1 million troy ounces or roughly 34.2 metric tons. China’s gold reserves now stand at approximately 73.9 million ounces, valued at around $208.643 billion as of February 2025.
The People’s Bank of China (PBOC) has been steadily increasing its gold holdings, with a total addition of 480,000 ounces (14.930 tons) in recent months.
China’s foreign exchange reserves have also risen, reaching $3.21 trillion in June from $3.19 trillion in May. The country’s gold reserves have increased to 2,298.55 metric tons as of June, up from 2,279.56 metric tons in the fourth quarter of 2024.
China’s appetite for gold reflects a long-running effort to diversify its foreign exchange reserves away from dollar-denominated assets. The PBOC’s gold purchases are part of a broader strategy to reduce reliance on the US dollar and strengthen financial resilience amid global uncertainty.
Central banks worldwide have been buying bullion at elevated levels, viewing it as a hedge against currency volatility, inflation, and geopolitical risk. #De-dollarization Drive: China Increases Gold Reserves to 2,330 Tons#
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