AsianFin -- The People’s Bank of China (PBOC) expanded its gold holdings in August for the tenth consecutive month, extending its effort to reduce reliance on the U.S. dollar in its foreign exchange reserves.

The central bank’s bullion reserves rose by 0.06 million troy ounces last month, bringing total holdings to 74.02 million troy ounces, according to official data released Sunday.

Since launching the current round of purchases in November, China has accumulated 1.22 million troy ounces of gold.

The steady buying spree underscores Beijing’s push to diversify its reserves amid heightened geopolitical tensions and growing concerns over dollar dominance in global trade and finance.