China increases its gold reserves
China increased its gold reserves to 53.93 million troy ounces by the end of July from 53.32 million ounces a month earlier, according to data released by the central bank.
The world’s biggest bullion consumer last month ended six years of mystery over how much gold it is hoarding, revealing a 57 percent jump in holdings since 2009 and overtaking Russia to become the country with the fifth-largest stash of the metal.
Bullion remains a large part of many central banks’ reserves, decades after they stopped using it to back paper money. Stockpiles of the metal help China to diversify its foreign- exchange holdings as the world’s second-largest economy seeks to raise the international profile of its own currency.
The United States has the biggest reserves at 8,133.5 tons, data from the World Gold Council show. (Photo 1)