China's gold reserves increase for the sixth month of May

China increased its gold purchases for the sixth consecutive month in May, bringing its total reserves to 1,916 tons, while the country's foreign currency holdings defied any expectation of collapse.

The People's Bank of China bought 15.6 tons of this precious metal last month, according to the central bank.

The country has accumulated 74 tons of precious metal since the end of November, when it began to increase its purchases, according to data from Refinitiv. The value of its reserves reached $ 79.8 billion, while trade tensions between the United States and China increased.

China's foreign exchange reserves reached $ 3.01 billion in May, up $ 6 billion from the previous month, according to the central bank. Economists polled by Reuters had forecast that reserves would drop by $ 5 billion.