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China adds 5 mt to gold reserves in September, third consecutive month: PBOC

Increase font size  Decrease font size Date:2016-10-21   Views:447
China's central bank added 5 mt to its gold reserves in September, the same volume as in July and August, data released by the People's Bank of China showed Wednesday.

Total gold holdings now stand at 1,838 mt, making it the world's sixth-largest holder of gold reserves, according to the International Monetary Fund, behind the US, Germany, the IMF itself, Italy and France.

Official reserve data released via the State Administration of Foreign Exchange shows the pace of additions has slipped this year to an average of 8 mt/month, down from an average 17.5 mt/month in 2015.

China began reporting its gold reserves in June 2015 and has since added just over 180 mt, including 76 mt in 2016.


The country is the world's largest consumer and producer of the precious metal, with its central bank second behind only Russia in its gold purchases in recent years.

Russia's central bank added around 20 mt to its gold reserves in September, S&P Global Platts reported Tuesday, taking total additions to 128 mt for 2016.

The two countries have accounted for over 90% of central bank gold purchases since they stepped up efforts to diversify reserve assets last year.
 
 
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