China goes long gold, short Treasuries
Bullion-buying spree continues, but banks told to limit purchases of US government debt
The People’s Bank of China in January continued purchasing gold for the fifteenth consecutive month since November 2024.
Data published by the central bank on February 7 showed its gold holdings had risen to 74.19 million fine troy ounces by the end of last month, up 40,000 ounces since December, Reuters reported. The value of its gold reserves rose by $51.13 billion to $369.58 billion in January. The PBoC had previously ended an 18-month-long gold-buying streak in May 2024.
Gold prices surged
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