China buying more and more gold

Raising reserves: A man rides a bicycle past PBoC headquarters in Beijing. PBoC raised reserves to 61.61 million ounces in May from 61.10 million a month earlier. — Bloomberg

SINGAPORE: China extended its gold-buying spree, adding to reserves for a sixth straight month, as the ongoing trade war with the US damps growth expectations and boosts demand for a portfolio diversifier.

The People’s Bank of China (PBoC) raised reserves to 61.61 million ounces in May from 61.10 million a month earlier, according to data.