China reports another increase in gold reserves


China Reveals Increase in Gold Holdings

By Henry Sanderson
Financial Times, London
Friday, August 14, 2015

China released data on its gold holdings for the second time in a month on Friday, in a sign of greater transparency as it moved to an international standard of reporting its reserves.

The People's Bank of China said it bought 19 tonnes of gold last month as prices traded at their lowest levels in five years. That boosted its gold holdings to 1,677 tonnes (53.93 million fine troy ounces) at the end of July, an increase of 1 per cent.

The announcement as the International Monetary Fund concludes talks this year about inclusion of China’s currency in its Special Drawing Rights (SDR), the IMF-created currency.

Inclusion in the SDR would help Beijing’s bid to win much-prized reserve currency status for the renminbi alongside the dollar, euro, yen and sterling.

In July the PBOC started reporting its reserves under the IMF’s Special Data Dissemination Standard. Countries using that standard report their gold holdings monthly.

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