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China joins global central bank gold rush as foreign exchange reserves stabilise

China has joined a global central bank gold rush in the last two months by increasing its official gold reserves, even though the purchase remains modest compared to the volume of the mainland’s foreign exchange reserves, according to the data released by the People’s Bank of China on Monday.

The country’s gold reserves rose to 59.94 million ounces at the end of January from 59.56 million ounces at the end of December 2018, marking a second straight month of increase.

 

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