Chinese Gold Reserves Rise for Seventh Consecutive Month

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Chinese central bank data indicates that China’s gold reserves have risen every month since December 2018.

China’s gold reserves stood at 61.94 million ounces as of the end of June according to data from the People’s Bank of China (PBOC), for the seventh consecutive month of increase.

Data from the World Gold Council further indicates that central banks around the globe made net gold purchases of 247.3 tonnes as of the end of June for a YoY rise of 73%, with Russia, China, Turkey and Kazakhstan ranking as the four biggest buyers.

The “State Administration of Foreign Exchange Annual Report (2018)” (国家外汇管理局年报(2018)) indicates that as of the end of 2018 China’s gold reserves stood at 1852 tonnes, ranking sixth in the world.

Wang Chunying (王春英), spokesperson and chief economist with SAFE, said to PBOC’s Financial Times that gold reserves have always been a key component of the diversification of a country’s foreign reserves.

“We adopt a long-term and strategic perspective to dynamically adjust foreign reserve allocations based on need, ensuring the safety, liquidity and value of foreign reserves.”

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