The Peoples Bank of China has bought gold in 12 months to increase its holdings

The People's Bank of China purchases gold again.Data show that China's official gold reserve has increased for 12 consecutive months.

The First Financial reported that the State Administration of Foreign Exchange of China announced on Tuesday (November 7) that the data of foreign exchange reserves at the end of October was announced. As of the end of October 2023, the scale of Chinese foreign exchange reserves was 310.12 billion US dollars (the same below the same as, S $ 4203.1 billion), a decrease of US $ 13.8 billion from the end of September, a decrease of 0.44%.

The data updated by the official website of the Foreign Exchange Bureau also shows that as of the end of October, the official reserve assets were reported to 71.2 million ounces, an increase of 740,000 ounces from the previous month.

This means that China's official gold reserve has increased for 12 consecutive months.From 62.64 million ounces at the end of October 2022, to 71.2 million ounces at the end of October 2023, the Bank of China has increased its holdings of 8.56 million ounces of gold.

It is reported that gold reserves have always been an important part of the diversified composition of international reserves in various countries, and most of the central banks have gold in international reserves.However, compared with the international average level, the proportion of China's gold reserve assets is significantly low.

For the central bank's 12 consecutive months of increasing holdings of gold, Zhao Qingming, deputy dean of the Institute of Exchange Management, said: "On the one hand, the proportion of gold reserves in China's international reserve is obviously low; on the other hand,Compared with the United States, Germany, France, etc., the absolute amount of China's gold reserves is also relatively low.