EDITOR: | November 30th, 2015

China boosts gold reserves by nearly 14 tonnes in October

| November 30, 2015 | No Comments
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November 30, 2015 (Source: Reuters) — China added nearly 14 tonnes of gold to its foreign exchange reserves in October, the slowest pace of purchase since the central bank started reporting its reserves of the precious metal on a monthly basis earlier this year.

Gold reserves stood at 55.38 million troy ounces at the end of October, up from 54.93 million at the end of September, data from the People’s Bank of China (PBOC) showed on Monday.

The 450,000-ounce addition amounts to 13.99 tonnes, close to the Reuters estimate of 14 tonnes, calculated earlier this month from PBOC data and the spot gold price.

The central bank has been adding between 14 tonnes and 19 tonnes of gold every month, a healthy appetite as the country looks to diversify its foreign exchange reserves.

The PBOC usually announces the dollar value of its gold reserve early in the month, before revealing the volume later.

In June, China provided details on its gold holdings for the first time since April 2009.

It has been providing monthly updates since then to increase transparency as it campaigns to include the yuan in the International Monetary Fund’s special drawing rights basket.

The IMF looks set to approve the inclusion of the yuan in its reserve currency basket when it meets on Monday in what is seen as symbolic coming of age for the world’s second-biggest economy.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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