China in­creases its gold re­serves

China Daily (Canada) - - NEWS IN REVIEW -

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)

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