China Boosts Gold Reserves 57% in First Disclosure Since ’09July 17, 2015 — 10:55 AM BST Updated on July 17, 2015 — 11:06 AM BST
Citer:
China increased its gold reserves by 57 percent as it disclosed official holdings for the first time in six years.
The country boosted bullion assets to 53.31 million fine troy ounces (1,658 metric tons), the People’s Bank of China said in a statement Friday. That’s an increase from 33.89 million fine troy ounces (1,054 tons) in 2009, when it last updated the figures. China’s holdings surpassed those of Russia to become the fifth-largest, data from the World Gold Council show. The U.S. has the biggest reserves at 8,133.5 tons.
While the metal is no longer used to back paper money, it remains a big part of central bank reserves in the U.S. and Europe. China became the world’s second-largest economy in 2010 and has stepped up efforts to internationalize its currency.
Gold for immediate delivery slid 0.2 percent to $1,143.58 an ounce at 6:02 p.m. in Beijing, according to Bloomberg generic pricing. The precious metal is 3.4 percent lower this year.