China says gold hoard climbs 1.1pc
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.