China is secretly adding to its Gold reserves, claim analysts

Washington: While Russia, Turkey and the European countries are increasing their Gold reserves, the silence maintained by China about its Gold reserves seems to be suspicious, as per claims. Over the last two years, China has not declared the status of its Gold reserves. At the same time, a Goldmine having the largest Gold reserves has been found in China, and the internal Gold demand is also rising. Therefore, the analysts have claimed that China is secretly adding to its Gold reserves. Four years ago, some websites had reported that the Chinese Gold reserves should be at the level of 8,000 to 10,000 tonnes.

Since US President, Donald Trump came to power, China has not divulged any information about its Gold reserves. The International Monitory fund had announced the Chinese Yuan as a reserve currency at the end of 2015. Thereafter, China had declared a Gold reserve of 1,843 tonnes in 2016.

In the subsequent period, when many countries including Russia, Turkey and European countries are increasing their Gold reserves, China’s silence about this matter is raising suspicion. Some analysts have said that China must not have revealed this information, in view of the trade war with the United States. Whereas, some analysts have claimed that China has been purchasing Gold, while the Gold rates are down. China and Russia together can challenge the United States Dollar, and therefore, this increase of Gold reserves is the claim made by some analysts.

Over the last few years, Russia has increased its investment in Gold to a great extent and has purchased more than 130 tonnes of Gold in the first seven months of this fiscal. The percentage of Gold in the total Russian foreign reserves has reached a record level of 17%. The Russian central bank purchased 26.12 tonnes of Gold, in the month of July alone. After this purchase, the Russian Gold reserves have reached 1,910 tonnes.