The People's Bank of China has expanded its gold reserves for 9 consecutive months, which helps to promote diversification of foreign reserves.

The People's Bank of China increased its gold reserves in July, expanding its gold reserves for the ninth consecutive month, which helps to diversify its foreign exchange reserves away from the US dollar. According to data released on Thursday, the central bank's gold reserves increased by 60,000 ounces at the end of July, reaching 73.96 million ounces. Since November last year, the accumulated purchase amount has reached about 36 tons.