The People’s Bank of China (PBOC) has remained one of the leading purchasers of gold amongst the world’s central banks since the start of 2019.
PBOC announced over the weekend that its gold holdings increased by 190,000 ounces (approx. 5.386 tonnes) in September to reach 62.64m ounces in total.
China’s gold holdings have risen by approximately 96 tonnes since December, amidst a broader trend of central banks diversifying their reserve assets away from the greenback.
Suki Cooper, precious metals analyst at Standard Chartered Bank, said to Financial Times that China is intent on further increasing its gold holdings, forecasting a 150 tonne increase for the whole year.
According to Cooper China will need to purchase two years worth of global production in order to achieve diversification.