World awaits fresh news on China official Gold holdings
New York (Jan 17) The World is looking forward to fresh revealations on gold holdings of People's Bank of China (PBOC) which is estimated to have risen to 2710 tons by the end of December.
According to Jeff Nichols, Precious metals economist and Managing Director of Amerian Precious Metals Advisors, it woudl be interesting to watch the impact the news would have on the gold market.
China's official gold reserves would be the fourth largest following the United States with total holdings of 8,133.5 tons, Germany 3,387.1 tons and IMF with 2814 tons. Italy with 2,451.8 tons and France with 2,435.4 ton s stand fifth and sixth in the standings.
"We expect China will continue adding to its official gold holdings as it seeks to raise the share of its total official reserves (foreign exchange plus gold)held in gold and raise the status of its currency, the yuan, as a global reserve asset and trade settlement currency.
The PBOC reported in April 2009 that its official gold reserves stood at 1,054 tons – and it has not reported any increase in official gold reserves since that announcement nearly five years ago, Jeff Nichols added.
