China's Gold Reserves Climb as Dollar Value Sinks

China's central bank raised its gold reserves to 78.30 million ounces in October, up from 77.47 million in September, according to the State Administration of Foreign Exchange. Yet the dollar value of those holdings fell to $306.41 billion from $323.52 billion a month earlier, as bullion prices pulled back from October's highs. Total foreign exchange reserves still edged up to $3.405 trillion from $3.400 trillion. Gold-tracking funds like $GLD move with the same prices now working against Beijing's stockpile.