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Story summary
- The People’s Bank of China (PBOC) added 320,000 ounces of gold to reserves in May, extending a buying streak and raising total to 74.96 million ounces.
- The State Administration of Foreign Exchange (SAFE) reported reserves rose $31.7 billion to $3.4422 trillion by end-May, highest since late 2015, because a US Dollar Index and rising asset prices.
- Analysts said the gold increase diversifies reserves, hedges currency risk, and bolsters the yuan’s credibility for international use.
