Authorities are seeking to diversify the portfolio of reserve as‌sets, reducing dependence on the dollar.

On Monday, the People’s Bank of China announced a 10.3 tonne increase in national gold reserves after the end of June. Previously, 74 tons of gold were added to the national stockpile within the first 6 months. year.

Last week, Poland also said that gold reserves in this country doubled this year and last year, becoming the leading gold owners in Central Europe.

Bullion has risen to its highest level in six years as investors bet on the Federal Reserve’s rate cut.

"In addition to a multi-dollar as‌set effort, increasing gold reserves is also an important strategy to help China become a superpower," said Howie Lee, an economist with Oversea-Chinese Banking. He said this trend will continue to increase in the coming months.

Last year, the World Gold Council said central banks bought 651.5 tons of gold, up 74% from the previous year. Citigroup estimates multiples of 700 tonnes this year.

The trend of gold accumulation in China and other countries is directly proportional to the increase in gold prices. On Monday, gold prices rose 0.5 percent to 1,406.90 ounces after rising 9.1 percent in the second quarter of 2019.