Gold holdings continue to rise

China increased its gold holdings for the fifth consecutive month in November, the fastest growth rate since June, to back a stronger currency in the global financial system, according to central bank data on Tuesday.

The country's total foreign exchange reserves, however, shrank by $87 billion last month, the biggest fall since August's record-high monthly drop of $93.9 billion.

Statistics from the People's Bank of China, the nation's central bank, showed that gold reserves rose by 670,000 fine troy ounces, or 20.84 metric tons, to 56.05 million ounces, or 1,743.35 tons at the end of November.