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China's Central Bank Purchases More Gold In May

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(Kitco News) – China’s central bank remained a gold buyer during May for a six straight month, multiple news organizations reported.

The People’s Bank of China upped its gold reserves to 61.61 million ounces in May from 61.10 million in April.  This was a rise of 15.86 tonnes. China’s central bank has now bought some 74 tonnes of gold since the end of November.

China’s total foreign-exchange reserves climbed $6 billion in May to $3.101 trillion, according to data from the central bank. In dollar terms, China’s gold reserves rose to $79.83 billion in May from $78.35 billion in April.

Global central banks collectively have been buyers of gold for some time now. They bought 651.5 tonnes of gold in 2018, which was the most in roughly half a century, according to the World Gold Coucil.

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