China adds 20 tonnes gold in July, relocates reserves to Hong Kong

China's central bank purchased 20 tonnes of gold in July—its largest monthly buy since October 2023—marking 21 consecutive months of reserve increases and bringing total holdings to a record 2,366 tonnes. The bank is simultaneously relocating gold reserves from London to Hong Kong to support the city's new gold-clearing system. This signals strategic de-dollarization via commodity accumulation and potential CNY support through gold-backed credibility.