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China's central bank may buy 215 tons of gold this year, Barclays forecasts
By Ranjeetha Pakiam
Wednesday, January 27, 2016
China will press on with gold purchases this year and the central bank will probably scoop up more than 200 metric tons as the country seeks to diversify its reserves, according to an estimate from Barclays Plc.
Bullion purchases by the People's Bank of China in recent months have been very steady, which is "particularly impressive given that China's total forex reserve has recorded large declines," analyst Feifei Li said in an e-mailed report. In 2016, buying may average about 17.9 tons a month, or 215 tons over the full year, she wrote.
Central banks led by China, Russia, and Kazakhstan have been adding bullion to their reserves, helping to support prices that have been lifted this year by increased haven demand amid a global rout in stocks. Annual purchases of more than 200 tons by the PBOC would exceed the entire holdings of all but about 20 countries worldwide, according to data from the World Gold Council. ...
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