China’s Gold Reserves Reach Record 74.02 Million Troy Ounces After August Purchase

The People’s Bank of China added 60,000 troy ounces in August, marking ten straight months of gold accumulation.

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Terms & Concepts
  • Troy Ounce: A unit of measure for precious metals equal to about 31.1035 grams, commonly used in gold and silver markets.
  • Gold Reserves: Holdings of gold by a country's central bank, used to support currency value and as part of national reserves.
  • People’s Bank of China: The central bank of China, responsible for monetary policy and managing the country’s financial institutions and reserves.