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China's central bank buys 21 tonnes of gold in September
Original: China’s central bank buys 21 tonnes of gold in September, largest monthly purchase in 3 years
The People's Bank of China purchased 21 tonnes of gold in September, its largest monthly buying in three years. The move signals continued efforts by Beijing to diversify reserves away from the US dollar and reflects strong central bank demand for bullion worldwide, a key driver behind elevated gold prices. Market watchers are weighing whether sustained Chinese buying points to hedging against geopolitical and financial risks or a longer-term strategy to boost gold's share of reserves.
Why now: The scale of the purchase, the largest in three years, is being read as a signal about China's reserve strategy and support for gold prices.
People's Bank of ChinaChinagold
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- China’s central bank buys 21 tonnes of gold in September, largest monthly purchase in 3 years · Kitco
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