It will be a light agenda on data during the Asian session for today.

I taped the box around one thing that will come from China later. Justin will pick him up. Data on foreign exchange reserves includes the much-awaited data on gold purchases. The People’s Bank of China (PBOC) usually publishes monthly updates on its gold reserves, and the data is released through the State Administration of Foreign Exchange (SAFE). These updates are generally available in the first week of each month, with reserve details at the end of the previous month.

In 2024, the People’s Bank of China (PBOC) showed notable activity in its gold buying strategy:

• January-May 2024: The PBOC continued its gold purchases, extending an 18-month buying streak that began in November 2022. During this period, the central bank added about 57 tons to its reserves in the first quarter alone.

• May 2024: In May, the PBOC paused its gold purchases, keeping holdings at 72.80 million troy ounces. This pause coincided with record gold prices, indicating a strategic decision to wait for better prices.

• June to October 2024: The central bank maintained a pause in gold purchases for six consecutive months, with holdings unchanged. Despite the lack of new purchases, the value of China’s gold reserves increased due to rising gold prices, with the share of gold in the PBOC’s total reserves reaching 5.7% by the end of October.

• November 2024: The PBOC continued its gold purchases, adding 5 tonnes to its reserves, bringing the total stockpile to 72.96 million troy ounces. This continuation came amid a post-US election sell-off that sent gold prices lower, potentially providing a more favorable buying environment.

Through 2024, the PBOC’s gold purchase strategy appeared responsive to global economic conditions and gold price fluctuations, balancing reserve diversification with market timing considerations.