China Joins Global Central Bank Gold Rush By Increasing Its Official Reserves

By Zhou Xin, Karen Yeung China has joined a global central bank gold rush in the last two months by increasing its official gold reserves, even though the purchase remains modest compared to the volume of the mainland’s foreign exchange reserves, according to data released by the People’s Bank of China on Monday. The country’s gold reserves rose slightly to 59.94 million ounces at the end of January from 59.56 million ounces at the end of December 2018, marking a second straight month of increase. The latest gold purchase by the world’s second-largest economy came at a time when global central banks are hoarding the precious metal. According to the World Gold Council, the amount of gold bought by central banks in 2018 reached the highest annual volume on record since 1971, the year that former US President Nixon Richard scrapped the dollar’s peg to bullion. China, the world’s largest foreign exchange reserve holder, has been reluctant in diversifying its US$3 tr...

from GoldBroker.com https://www.goldbroker.com/news/china-joins-global-central-bank-gold-rush-by-increasing-its-official-reserves-1483