China's continuous hike of gold reserves demonstrates diversification efforts

From globaltimes.cn

China increased its gold reserves for the seventh month in June, taking its total reserves to 61.94 million ounces, up 330,000 ounces compared to the previous month, data from the central bank showed on Monday. As gold is considered to be a typical safe haven asset, China's gold purchases are generally seen as a strategic measure to hedge against risks and uncertainties related to the international payment environment and its own currency. Meanwhile, official data also showed that China's foreign exchange reserves stood at $3.12 trillion by the end of June, up $18.23 billion compared with the previous month. While ... (full story)