China continued adding to its gold reserves and accelerated its pace in November.

According to Bloomberg, the Chinese upped their stash of of gold an estimated 21 tons last month, the largest increase in at least five months.

The value of gold assets was $59.52 billion at the end of last month from $63.26 billion at end-October, according to data on the People’s Bank of China website released Monday. That works out to 56.05 million troy ounces or about 1,743 tons, based on the London Bullion Market Association afternoon price auction on Nov. 30, Bloomberg calculations show. The stash was 55.38 million ounces a month earlier.

China announced its gold holdings for the first time in six years in July. Since then, it has continued to buy gold, adding 14 tons in October, 15 tons in September, 16 tons in August, and 19 tons in July.

Saxo Bank A/S analyst Ole Hanse in Copenhagen told Bloomberg the Chinese are thinking “long-term.”

They are continuing to diversify their foreign reserve holdings.

Many analysts say the gold buying spree was part of China’s strategy to stabilize the yuan as it pushed for inclusion in the IMF’s benchmark currency basket. The IMF announced the Chinese currency’s inclusion in the special drawing rights basket last week.

The announcement wasn’t much of a surprise. A draft report compiled by IMF staff in late October reached a favorable conclusion on including the Chinese currency. The fact that China picked up its gold-buying pace in November hints it is eyeing longer-term goals beyond simply gaining inclusion in the exclusive IMF reserve currency club.

As we reported last week, the yuan’s inclusion in the IMF basket was a big leap forward for the Chinese. The New York Times called it a “milestone decision.” It was yet another step toward China surpassing the United States as an economic power. Just a year ago, China surpassed the US as the largest economy in the world by one measurement. This decision creates a foundation for the country to move forward with a longer-term strategy. As Peter Schiff has said, China could eventually un-peg from the dollar and back the yuan with its increasing gold reserves.