China records the first increase in its gold reserves for the first time in more than 3 years

China recorded its first increase in reserves for the first time in more than three years, a move that could be part of the country’s plan to diversify its reserves away from .

According to the central bank’s statement on its website Wednesday, the bank increased its holdings of the yellow metal to 63.67 million ounces at the end of February, from 62.64 million the previous month.

According to the World Gold Council’s latest demand report, central banks continued to buy gold, with purchases reaching a record high of around 400 tons in the third quarter.

It is worth noting that it was up more than 8% in November after declining for seven straight months on expectations that the Federal Reserve could become less hawkish in monetary policy.