China Increases Gold Reserves to Record 2,306.3 Tonnes in December
China’s central bank raised its gold reserves for the fourteenth straight month, alongside an increase in foreign exchange reserves by $11.5 billion.
Summary
China’s central bank reported December-end gold reserves at 74.15 million ounces, or about 2,306.323 tonnes, up 30,000 ounces from the previous month. This marks the fourteenth consecutive monthly increase in gold holdings. The country’s foreign exchange reserves also rose to $3,3578.69 billion, an increase of $11.497 billion from November.
Terms & Concepts
- Troy ounce: A unit of measure for precious metals, equivalent to about 31.1 grams.
- Gold reserves: The quantity of gold held by a country’s central bank as part of its foreign exchange reserves.