China's central bank added 20 tonnes of gold in July, its 21st consecutive monthly increase, bringing total reserves to 2,366 tonnes, while relocating reserves from London to Hong Kong.
Macro & Markets ·
China's central bank added 20 tonnes of gold in July, marking its largest monthly purchase since October 2023 and extending its streak to 21 consecutive months of accumulation. The purchases in the preceding two months—15 tonnes in June and 10 tonnes in May—underscore the pace of acquisition. Year-to-date, China has raised official gold reserves by 60 tonnes, reaching a total of 2,366 tonnes.
Alongside the purchases, China's central bank has reportedly been relocating gold reserves from London to Hong Kong. The move aligns with Hong Kong's broader strategy to strengthen its position in global gold trading, supported by the launch of a new gold-clearing system designed to enhance the city's role in international gold pricing and settlement.
The consecutive monthly increases and the volume acquired suggest sustained demand for gold by China's monetary authorities. The mechanics and scale of the relocation between London and Hong Kong remain incompletely detailed in available reports, as does the timeline and any stated rationale from Chinese officials.