The People's Bank of China did not buy gold in June either

On July 7th, the State Administration of Foreign Exchange announced the data on the size of foreign exchange reserves at the end of June 2024. According to the data, as of the end of June 2024, China's foreign exchange reserves stood at $3.2244 trillion, a decrease of $9.7 billion from the end of May, representing a decrease of 0.30%. The size of gold reserves remained unchanged.

The State Administration of Foreign Exchange stated that in June 2024, influenced by factors such as the monetary policies and expectations of major economies, as well as macroeconomic data, the US dollar index rose, and global financial asset prices generally increased. The comprehensive effects of exchange rate conversions and changes in asset prices led to a decrease in the size of foreign exchange reserves for that month. However, China's economy continued to show a positive trend of recovery, with solid progress in high-quality development, providing support for maintaining the basic stability of foreign exchange reserves.

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