China's Forex reserves decline in June, PBOC increases gold reserves for 20th month

China's foreign exchange reserves fell by $26 billion to $3.4163 trillion at the end of June, mainly due to a stronger US dollar and valuation effects on reserve assets, which outweighed gains from global financial asset prices.

Meanwhile, China's official gold reserves rose by 480,000 ounces to 75.44 million ounces, marking the 20th consecutive month of increases. Analysts attributed the continued gold accumulation to efforts to diversify reserve assets, reduce reliance on foreign currency holdings, and hedge against rising global geopolitical and economic uncertainty. According to the