China says gold hoard climbs 1.1pc

The Pak Banker - - COMPANIES/BOSS -

China, the world's big­gest bul­lion con­sumer, dis­closed that it in­creased its gold re­serves by 1.1 per­cent in July in a drive for more trans­parency as it pushes for the yuan's in­clu­sion in the IMF's cur­rency bas­ket.

Hold­ings rose to 53.93 mil­lion troy ounces from 53.32 mil­lion ounces a month ear­lier, ac­cord­ing to data re­leased on Fri­day by the cen­tral bank. On July 17, the coun­try ended six years of mys­tery sur­round­ing its hoard, re­veal­ing a 57 per­cent jump in as­sets since 2009 and over­tak­ing Rus­sia to be­come the coun­try with the fifth­largest stash.

The na­tion is seek­ing to im­prove data qual­ity, in­clud­ing the monthly re­lease of re­serve fig­ures rather than quar­terly. The IMF said ear­lier this month that more work was needed be­fore de­cid­ing whether to grant the yuan re­serve sta­tus. China de­val­ued the cur­rency this week and an­nounced a shift to a more mar­ket-driven ex­change rate mech­a­nism.

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