China’s forex reserves grows by $3.6B in May, gold stash up to $244B
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China lifted its foreign exchange reserves by $3.6 billion in May, pushing the total up to $3.285 trillion, based on new figures released by Beijing’s foreign exchange regulator on Saturday. That’s just a 0.11% increase from April’s $3.282 trillion and well below what was expected by analysts, who had forecast $3.292 trillion. This gain came even though the yuan lost 1.05% against the US dollar, and the dollar itself slipped 0.23% compared to other major currencies. The regulator said the rise came from a mix of exchange rate moves and price changes in overseas-held assets, according to data from Reuters. Even though the yuan got weaker, the value of China’s foreign holdings still moved up. The number was small, but the country remains in control of the world’s largest forex reserve pile. China’s central bank also wasn’t just sitting around watching the charts. China continues gold buying despite price swings While most of the world stayed frozen in wait-and-see mode, China kept stacking gold like a country preparing for something big. In May, the People’s Bank of China (PBOC) added 60,000 troy ounces to its already massive reserve, bringing the total to 73.83 million fine troy ounces. This is the seventh month in a row of non-stop gold buying. Gold prices went wild earlier this year, climbing to record highs in April. Central banks played a huge part in that spike, as they pumped billions into the metal to move away from over-reliance on the US dollar. The PBOC’s continuous buying has been a key force keeping gold prices high even after the April rally cooled off. At the same time, investors have also been pouring into gold as global tensions and fears about US assets grow louder. Goldman Sachs analysts estimate that central banks are currently swallowing up about…
Filed under: News - @ June 7, 2025 1:19 pm