China adds further to the gold reserves in September

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.