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China’s Central Bank Adds 30 Tons of Gold in Six Months as Prices Soar

China increased its gold reserves for the sixth consecutive month in April, adding about 70,000 troy ounces.

Over the past six months, China has added nearly 1 million ounces (30 tons) to its reserves. This comes amid record gold prices, which have risen almost 30% this year.

The trend reflects China’s strategy to diversify away from US dollar assets amid trade tensions with the United States.

Chinese investors have also been buying gold heavily, prompting the central bank to issue new import quotas for commercial banks.

Original Source: Yahoo Finance

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