China’s foreign reserves rebound in May, gold holdings also rise
“China’s foreign exchange reserves unexpectedly rose US$6.1 billion in May to US$3.101 trillion, reversing the previous month’s decline. The rise also came as China increased its gold reserves by 1.88 per cent to US$79.8 billion last month, according to central bank data released on Monday.”
USAGOLD note: The addition for May is roughly 16 tonnes and in line with previous announcements. The PBoC has added almost 60 tonnes thus far this year. Bloomberg calls China’s gold acquisitions a “determined diversification away from the dollar.” We would call it acknowledgement of a diversification that occurred long ago.