China has continued to buy gold at heightened levels, with its December central bank purchases marking the 14th consecutive month of additions to the national vaults. The country’s State Administration of Foreign Exchange (SAFE) confirmed this week that the People’s Bank of China increased its holdings from 71.58 million troy ounces in November to 71.87 million troy ounces in December.
China’s central bank purchasing spree is part of a wider pattern, with many countries continually adding to their holdings across the last 12 months. In the case of China, which forms part of the BRIC trading block, increased gold reserves strongly signal a protracted push away from the U.S. dollar, further weaking the greenback’s power on the global stage.
