[TurkiyeToday] The People’s Bank of China (PBOC) continued its gold-buying streak in November, extending it to 13 straight months with a purchase of 30,000 troy ounces (0.93 tons), according to data released by the institution.
The accumulation effort, which began in November 2024, reinforces China’s strategy to diversify its foreign reserves and reduce reliance on the U.S. dollar, while its offer to store gold for other central banks positions the country as a growing hub in the international bullion ecosystem, in line with Beijing’s broader financial ambitions to bolster confidence in alternative reserve mechanisms outside Western institutions.
Thus, PBOC’s total holdings reached 74.12 million troy ounces (2,305.6 tons), maintaining its role as one of the leading central banks in global gold reserves. |