China’s central bank boosting gold reserves in Hong Kong, Bloomberg says

China’s central bank is increasing its gold reserves in Hong Kong, a move that aims to help the city become a major gold trading hub, Bloomberg reported. 

The People's Bank of China has been boosting its gold reserves in Hong Kong over the past few months, the report said, citing people familiar with the matter.

This latest move accelerates the central bank's long-term trend of repatriating a portion of its gold reserves from London, it said, adding that the process of transferring gold from London to Hong Kong will continue.

China has consistently been one of the world's largest buyers of gold. Its gold purchases in June hit their highest level since October 2023, marking the country's 20th consecutive month of increasing its gold acquisitions.

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