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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

China increases pace of announced additions to gold reserve

By cpowell
Created 2019-04-07 14:54

China Is on a Big Gold-Buying Spree

By Ranjeetha Pakiam
Bloomberg News
Sunday, April 7, 2019

China is on a bullion-buying spree. The world's second-largest economy expanded its gold reserves for the fourth straight month, adding to optimism that central banks globally will continue to build holdings.

The People's Bank of China raised reserves to 60.62 million ounces in March from 60.26 million a month earlier, according to data on its website. In tonnage terms, last month's inflow was 11.2 tons, following the addition of 9.95 tons in February, 11.8 tons in January, and 9.95 tons in December

... Dispatch continues below ...



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China, the world's top gold producer and consumer, is facing signs of a slowing economy, even as some progress is being made in trade negotiations with the U.S. The latest data from the PBOC indicate that the country has resumed adding gold to its reserves at a steady pace, much like the period from mid-2015 to October 2016, when the country boosted holdings almost every month. Should China continue to accumulate bullion at that pace over 2019, it may end the year as the top buyer after Russia, which added 274 tons in 2018. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-07/china-continues-gold-... [3]

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Source URL:
http://www.gata.org/node/18990