The People's Bank of China raised official gold holdings to 77.47 million ounces at the end of September, up 740,000 ounces, the 23rd straight monthly increase.
China's official gold holdings rose for a 23rd consecutive month in September, Global Times reported, citing data released on Wednesday. The People's Bank of China put holdings at 77.47 million ounces at the end of September, up from 76.73 million ounces in August. The monthly addition was 740,000 ounces, above the 650,000 ounces added in August.
The State Administration of Foreign Exchange said foreign-exchange reserves were 3.4003 trillion dollars at the end of September, down 38.1 billion dollars, or 1.11 percent, from the end of August. Global Times is state-affiliated; the ounce and reserve figures are those it attributed to the official release.
Kitco, citing the central bank, described the September purchase as 21 tonnes, taking holdings to 2,196 tonnes, and called it the largest monthly addition in three years. The tonne figure is Kitco's conversion of the reserve update, not a second official series. This brief uses the ounce count from Global Times as the primary figure.
Li Changan, a professor at the University of International Business and Economics, told Global Times that adding gold helps the central bank optimise its reserve mix. He said further purchases were likely. That is an analyst view, not a PBOC commitment.
The release is a monthly reserve statistic. No change in the gold-buying policy was announced with the September data.
People Sentiments Neutral
- Li Changan told Global Times that higher gold holdings help the central bank optimise its reserve structure.