32 tonnes of gold added to Chinese Reserves

Beijing: China’s central Bank informed that in the last three years, China had added 32 tons of gold to its reserve stocks. According to a statement released by the People’s Bank of China (PBC), there were 1,980 tonnes of gold in China’s reserve stocks at the end of November 2022. Last month, a leading website in Japan claimed that China was heavily adding to its gold reserves.

The World Gold Council released a report on gold transactions at the international level last month. It was said that many countries, including China, increased their purchase of gold because of fluctuations in the US dollar value. According to the World Gold Council report, 399.3 tonnes of gold was purchased during the three months from July to September. About 90 tonnes of this gold had been purchased from the central banks of Turkey, Uzbekistan and India.

Besides, names of other countries had not been published other than these countries. Therefore, the presumptions began on which country bought nearly 300 tonnes of gold. The Japanese website Nikkei Asia claimed that the purchase might have been made in China. The claim also said that China made this purchase from Russia. However, both China nor Russia did not react to this. On the other hand, it also revealed that the bilateral trade between China and Russia had increased significantly in the last few months.

In the last 11 months, the trade between China and Russia has gone up to 172 billion dollars. This was said to be a new record in Russia-China bilateral trade. Exports from Russia to China have increased by 47%, reaching 105 billion dollars. The simultaneous publication of this record trade and China’s increase in gold reserve stocks leads to attention.

Moreover, Chinese organisations bought gold in large quantities even in the past. However, its statistics had never been announced. According to the available data, China seems to have more than one thousand tonnes of gold. China is the sixth largest country in the world, with the highest reserves of gold. However, some analysts and websites related to the gold market claim that China’s reserve gold reserves should be up to 10 thousand tonnes. These analysts also drew attention to the fact that China was one of the leading gold producers in the world.

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