mo4ch:>China continues boosting gold reserves as part of its anti-dollar push | Mo4ch News

The People’s Bank of China increased its gold reserves for a third straight month in February, bringing total holdings to 1,874 tons, or 60.26 million ounces. The move is part of China’s strategy to shift away from the US dollar.According to the central bank, it has added about 32 tons of the precious metal to its coffers in the last three months, purchasing some 10 tons in February.Also on rt.comRussia leads global gold purchases to reduce reliance on US dollarBefore December, the Chinese central bank had not reported an increase in gold reserves for more than two years, and the official figures remained unchanged from October 2016 to November 2018. Analysts say Beijing is trying “to diversify its reserves” away from the greenback.READ MORE: Top 5 countries opting to ditch US dollar & the reasons behind their moveThe uptick in gold holdings comes at a time when global central banks are hoarding the commodity. In January, China dropped to sixth place among the world’s largest hold…