Did they ever really stop buying.
“I take the Chinese six-month ‘pause’ with a pinch of salt, as it is public knowledge that the PBoC has a history of reporting no purchases and then declaring a massive quantum leap in recorded holdings,” she said in the note. “It is possible, this time, that they did hold off from purchases from the international market at high prices, which may have distorted the ratio of gold to total FX and signaled a cessation, especially as the reported increase in November was moderate.”
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