**INCREASE IN CHINA'S GOLD RESERVES**

**In June, China acquired more than 40 tons of gold through the London over-the-counter market**, marking the second-largest monthly purchase since the beginning of 2025.

**This is 167% higher than the official data published by China's central bank,** which reported a purchase of 15 tons of gold in June.

Additionally, **it is estimated that in May, China acquired about another 48 tons of gold through the OTC market,** which is 380% higher than the central bank's official data of a 10-ton purchase.

Meanwhile, **in July, China's central bank officially increased its gold reserves by 20 tons**, the largest monthly purchase since October 2023.

**Since the beginning of the year, China has officially increased its gold reserves by 60 tons**, bringing the total stock to a record 2,366 tons.

Thus, **China acquired about 88 tons of gold through the OTC market in May and June alone**, exceeding the volume officially stated for the entire current year.

**China is buying significantly more gold** than is reflected in the official data.

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