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China Significantly Increased Its Gold Reserves for the First Time in Six Years

Well-known Chinese news site Sina recently reported that, according to China’s central bank, China’s official gold reserves reached 53.31 million ounces (1,658 tons) as of the end of June. This is a 57 percent increase from the previous official number revealed in April 2009, which was 33.89 million ounces (1,054.6 tons). The central bank announced the intent to continue the increase of the gold reserves in the future to have better management of financial risks. According to the World Gold Council (WGC), China surpassed Russia to become the world’s fifth largest country in gold reserves (excluding the International Monetary Fund). Analysts have indicated that, according to cost figures, the Chinese central bank did not reach this new gold reserve level with a recent one-time acquisition. China is the largest gold producer in the world and is the second largest gold consumer after India. Since 2009, the central bank has never updated its official gold reserve level.
Source: Sina, July 17, 2015