China gold reserves increase 1.1% on month to 1,677 mt in July

Beijing (Aug 14)  China's gold reserves totaled 53.93 million oz (1,677 mt) in July, data released by the country's central bank showed Friday.

 The figure is up 1.1% from 53.31 million oz (1,658 mt) in June and is only the second announcement on its gold reserves since 2009.

 China shocked markets in July by releasing data that showed it had increased reserves by 36% from 33.89 million oz (1,054 mt) in 2009, placing it as the world's sixth largest holder of gold reserves, behind the US (8,133 mt), Germany (3,384 mt), the IMF (2,814 mt), Italy (2,452 mt) and France (2,435 mt), according to the World Gold Council.

 The move is a sign of greater transparency by China's central bank, ahead of a push by the country to be included in the International Monetary Fund's reserve currency basket.

Source: PLATTS