China Buys Gold for 15 Consecutive Months Amid "De-dollarization"

Holdings Surpass 74.19 Million Ounces

Amid intensifying U.S.-China tensions and a global trend of "de-dollarization," the People's Bank of China has continued purchasing gold for 15 consecutive months.

According to local media outlets including The Paper on the 7th, the People's Bank of China announced that as of the end of January, its gold holdings stood at 74.19 million ounces, an increase of 40,000 ounces from the previous month.

The People's Bank of China had previously purchased gold for 18 consecutive months through April 2024, and has since been buying gold for another 15 straight months from November of that year through last month. Over the past year alone, its gold holdings increased by 860,000 ounces.

The valuation of the gold held by the People's Bank of China rose from 319.45 billion dollars (about 468 trillion won) in the previous month to 369.58 billion dollars (about 541 trillion won) at the end of January. This represents an increase of approximately 50.13 billion dollars (about 73 trillion won) in just one month.

The price of gold continued its surge last month, hitting an all-time high. However, it plunged on January 30 following the nomination of former Federal Reserve Governor Kevin Warsh as a candidate for the next Fed chair, and has since recovered part of the losses.