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China gold reserves top Russia in first disclosure since 2009
From Bloomberg News
Friday, July 17, 2015
China increased its gold reserves 57 percent, overtaking Russia to become the country with the fifth-largest hoard in its first disclosure in six years.
The Asian nation 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. The U.S. has the biggest reserves at 8,133.5 tons, data from the World Gold Council show. Prices were little changed after the announcement.
While the metal is no longer used to back paper money, it's a large part of central bank reserves in the U.S. and Europe. China may have stockpiled gold as part of its plan to diversify its foreign-exchange reserves. Policy makers are pressing to add the yuan to the International Monetary Fund's basket known as the Special Drawing Right, which includes the dollar, euro, yen and British pound. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-07-17/china-increases-gold-r...
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