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(Bloomberg) — China’s central financial institution bought gold for its reserves for a seventeenth straight month in March, extending a protracted shopping for spree that has helped the dear steel’s surge to a file.
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Bullion held by the Folks’s Financial institution of China rose to 72.74 million nice troy ounces final month, in line with official knowledge launched Sunday.
The dear steel has been on a tear previously two months, hitting a procession of data on expectations that decrease US rates of interest are on the horizon. Central financial institution shopping for has additionally been a major driver of its energy since 2022.
International central banks, led by China and India, continued including to their gold reserves in February, marking a ninth straight month of development, in line with the World Gold Council.
China’s official reserve property rose to the very best since November 2015. The nation’s overseas alternate reserves rose to $3.2457 trillion by the top of March, the very best since December 2021, because the central financial institution goals to keep up steady holdings to fend off dangers. They rose 0.6% from February and had been up 1.9% from a yr earlier.
–With help from Lorretta Chen.
(Provides newest overseas reserve figures in remaining paragraph.)
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