China adds further to the gold reserves in September

Published: Oct 20, 2016 17:38

Save

China's central bank increased its gold reserve in September increased 5mt which is the same as in July and August, according to the People's Bank of China data.

CHINA October 20 2016 12:10 PM
BEIJING (Scrap Register): China's central bank increased its gold reserve in September increased 5mt which is the same as in July and August, according to the People's Bank of China data.

China is now the sixth-largest holder of gold reserves with a total of 1838 mt behind US, Germany, The IMF, Italy and France.

China is the world's largest consumer and producer of gold with the china's central bank is only second behind only Russia in its gold purchases in recent years. 20 mt gold was added by Russia's central bank to its gold reserves in September, Platts reported.

China and Russia have accounted for about more than 90 percent of central bank gold purchases to diversify reserve assets last year.

china gold demand gold prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

‘Shift from dollar reserves to gold is not a prediction but a trend’, BRICS+ demand could drive whole gold market - EBC

(Kitco News) – BRICS+ nations now hold 17.4% of global gold reserves, up from 11.2% in 2019, while the dollar’s share of global reserves fell to its lowest level since 1994 – and one BRICS member could well buy as much as all other countries combined, according to Michael Harris, technical analyst at EBC Financial Group.

18 hours ago

‘Gold will become the primary alternative’ to the U.S. dollar, price still headed above $6,000/oz – Gabelli’s Mancini

(Kitco News) – The war in Iran and the ramping up of defense spending in Europe as well as the U.S. are contributing to a strong bullish setup for gold prices in the medium term, and $6,000 gold is still on the horizon, according to Chris Mancini, co-portfolio manager of the Gabelli Gold Fund (GLDAX) at Gabelli Funds.

18 hours ago

The push and pull of central bank gold: China buys 5 tonnes and Turkey monetizes 118 tonnes in March

(Kitco News) - Central bank gold demand continues to play an important role in the marketplace as prices have managed to hold critical long-term support, and China remains a dominant player in the sector.

18 hours ago