PBOC adds most gold in three years amid China pivot from US dollar
China’s central bank boosted gold holdings by the most in three years last month, taking advantage of a dip in prices to further pare its exposure to US dollar assets amid tensions with Washington.
Holdings rose by 740,000 troy ounces (23 tonnes) to reach 77.47 million ounces at the end of September, the People’s Bank of China said last week.
The total gold pile is worth about US$324 billion at market prices and compares with China’s foreign exchange reserves of US$3.4 trillion.
The People’s...
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