De-dollarization efforts see China expand its gold reserves for 6 straight months

REUTERS/Ilya Naymushin China’s gold reserves grew for the sixth straight month in April, adding over 8 tons. Central bank purchases of gold continue to be at historically elevated levels. Gold reserves help banks move away from the dollar, and diversify amid high inflation. China’s gold reserves grew for the sixth consecutive month in April, as the country added another 8.09 tons to its expanding stockpile. The addition brings China’s total gold holdings to 2,076 tons, according to data from the State Administration of Foreign Exchange. It purchased 120 tons in the five months ahead of April. The expansion trend is…