People’s Bank of China Adds 15 Tonnes Of Gold To Reserves

China’s central bank bought even more gold last month, as it looks to strengthen the yuan and ditch the US dollar.

The People’s Bank of China allegedly purchased an additional 15 tonnes of gold in January, after already buying 32 tonnes and 30 tonnes of the precious metal in December and November, respectively. “This takes its total gold reserves to 2,025 tonnes,” wrote World Gold Council senior analyst Krishan Gopaul on Twitter, citing data from the central bank.

China hasn’t unveiled details of its gold purchases since 2019, with the exception of the last three months. During the time it did report figures, though, the PBOC amassed 1,448 tonnes since 2002. It’s expected the communist country will continue its gold-buying spree throughout 2023, in an effort to bolster the yuan’s international strength and challenge the US dollar’s dominance. In fact, the Chinese regime last year even went as far as to convince Middle Eastern nations to accept its currency in lieu of the greenback for crude imports.

READ: Pegging Oil To Gold Begins In Ghana: What Does This Mean For The Petrodollar?

The de-dollarization trend, which gained momentum in wake of Russia’s invasion of Ukraine, is expected to continue as major central banks increase their gold reserves. Data from the World Gold Council showed that central banks purchased a combined 1,136 tonnes of the precious metal last year— the largest amount since 1967.

Information for this briefing was found via the World Gold Council and Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Equinox Gold Reports After-Tax NPV of $640 Million For Proposed Castle Mountain Phase 2 Expansion

Equinox Gold (TSX: EQX) this morning announced the results of a feasibility study for its...

Monday, March 22, 2021, 08:39:03 AM

Orefinders Closes 9.9% Investment By Kirkland Lake Gold

Orefinders Resources Inc. (TSXV: ORX) announced today that it has closed the previously announced private...

Tuesday, May 4, 2021, 08:27:39 AM

Gold Royalty Sees US$25 Million Revolving Credit Facility Commitment From Bank Of Montreal

Gold Royalty Corp. (NYSE: GROY) this morning announced the signing of a commitment letter with...

Friday, September 3, 2021, 10:38:00 AM

Chinese Companies May Soon Be Delisted From Exchanges If They Fail To Meet US Audit Regulations

It appears that Donald Trump’s request to cease Chinese equity investing has not completely fallen...

Thursday, May 21, 2020, 04:08:00 PM

China’s Debt Diplomacy About To Trap Dozen More Countries

A dozen poor countries are facing economic instability and even collapse as a result of...

Monday, May 22, 2023, 12:20:00 PM