China’s forex reserves rose to $3.19 tn in Jun, gold reserves increased for 8th consecutive month

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China’s foreign exchange reserves, the world’s largest, stood at $3.19 trillion by the end of June, rising from $3.17 trillion in the previous month, according to data released by the People’s Bank of China (PBOC) on Friday.

China’s official gold reserves stood at 67.95 million ounces at the end of June, rising from 67.27 million ounces a month earlier and increasing for the 8th consecutive month, according to the data.

Central banks have purchased large amounts of gold in the past year to diversify assets, as well as to protect reserves from the impact of a weakening US dollar and rampant inflation.