China’s central bank extended its gold-buying spree to the 10th straight month as the world’s second-largest economy seeks to move away from its reliance on dollar reserves.
The People’s Bank of China’s stockpile of the precious metal climbed by 29 tons in August to 2,165 tons, according to Bloomberg. A total of about 217 tons were added over the last 10 months, the outlet said.
China’s gold hoarding comes amid the country’s push to erode the dollar’s dominance of global trade and investment flows, as well as its status as the world’s reserve currency. The Asian nation slashed its holdings of Treasurys to a 14-year low in June.
