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PBOC Halts Gold Purchases for Sixth Consecutive Month

Nov 07, 2024, 3:26 a.m. ET

AsianFin – According to data from the People's Bank of China (PBOC), the nation's gold reserves remained steady at 72.8 million ounces (approximately 2,264.33 tons) as of the end of October, unchanged from the previous month. This marks the sixth consecutive month in which China has paused increasing its gold holdings.

Previously, the PBOC had expanded its gold reserves for 18 straight months before halting additions in May 2024. This shift may reflect adjustments in response to fluctuations in global gold prices and changing economic conditions.

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