SubscribeDon’t Look Now But China’s Gold Reserves Have Doubled
Marketwatch
Chris Oliver
4/24/09
China has boosted its gold reserves to 1,054 metric tons, according to a Friday report by Xinhua News Agency, which cited Hu Xiaolian, head of the State Administration of Foreign Exchange.
The increase makes China the world’s fifth-largest holder of gold, just ahead of Switzerland, and among the six nations plus the International Monetary Fund that have reserves of more than 1,000 metric tons.
Hu said that China’s gold reserves had risen by 454 metric tons since 2003 and that the total was being reported to the IMF per the organization’s rules.
The comments are China’s first public acknowledgement in more than five years that its gold reserves had increased.
The new figure is 76% higher than the 600 metric tons reported at the end of March, a level that had been unchanged since December 2002.
Although Hu did not elaborate on where China had sourced the additional bullion, her comments were interpreted as meaning they came from domestic sources and may included refining of scrap metal.
My comment: Just more evidence that China continues to divest dollars for hard assets.
John Polomny
The Real Deal
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