People’s Bank of China Gold Reserves Flat Again in October

People’s Bank of China Added No Gold to Reserves in October.

The People’s Bank of China has not added any gold to reserves since they were admitted to the SDR in October 2016.

Total reported People’s Bank of China gold reserves stand at 1842.6 tonnes – same as October 2016.

PBOC foreign reserves rose for the ninth month in a row, up $7 billion in September to $3.1092 trillion.

PBOC Foreign Reserves fell approximately $320 billion in 2016 and $513 billion in 2015.

The PBOC added 104 tons of gold to reserves in 2015 and 60 tons in 2016.

Chinese holdings of US Treasuries Rise to $1.2 Trillion in August.

Value of China’s Gold at the end of September was approximately $76 billion.

Gold demand in remains China very strong; imports, retail demand and Shanghai Gold Exchange withdrawals at robust levels.

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People’s Bank of China Gold Reserves Steady Since October 2016

For the 29th month in a row, The People’s Bank of China (PBOC) gold reserves were updated (kinda). The latest update showed that the PBOC’s gold reserves remained unchanged in October. In June 2015, the PBOC updated its gold reserves for the first time since 2009 by reporting an additional 604 tonnes.* Since then the PBOC has added another 170 tonnes of gold to her reserves, but has not added any gold to reserves since October 2016.

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People’s Bank of China Gold Reserves 2009-2017

Chinese gold reserves 2009 - 2017 october

You Stop Running Once You Catch the Bus – PBOC hasn’t added gold to reserves since the Yuan was added to the SDR basket in October 2016.

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*many suspect that “China” has under reported its gold reserves. See “The Case of China’s Missing Gold and “China’s President Confirms Practice Of Moving Official Reserve Assets To Other Entities In China.

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PBOC’s Gold vs. China’s Gold

The Case of China’s Missing Gold

In July of 2015, the People’s Bank of China updated publically their gold reserves for the first time since 2009. Many gold observers were expecting a massive increase. When the PBOC announced that its gold reserves increased a healthy 604 tons, more than a few cried foul and insisted that “China” was lying and hiding their true gold holdings. At that time we published “The Case of China’s Missing Gold“. In that article we noted that China’s missing gold perhaps wasn’t missing at all – it just wasn’t listed on the PBOC balance sheet.

Indeed, we noted “China’s” gold was probably elsewhere, in sovereign wealth funds, at other Chinese state owned banks, and with its citizens. Later in October, 2015 we reported that “China’s President Confirms Practice Of Moving Official Reserve Assets To Other Entities In China” in which China’s President Xi Jinping admitted “some assets in foreign exchanges were transferred from the central bank to domestic banks, enterprises and individuals”.

Clearly, there is more gold in China than is reported on the PBOC balance sheet. According to the USGS, China has mined over 5,200 tons of gold since 2000, the SGE has experienced withdrawals of over 14,500 tons of gold and imported over 5,300 tons of gold into China via Hong Kong since 2001. Yet, the People’s Bank of China lists under 1,850 tons of gold on its balance sheet.

The case is the same in India, where Indian households are estimated to hold 18-22,000 tons of gold and Indian temples to hold about 4,000 tons of gold , yet the Royal Bank of India lists just 557.7 tons of gold on its balance sheet.

Simply, the gold on the balance sheets of the PBOC and the Royal Bank of India is not all of “China’s” gold or “India’s” gold, it is just that gold held by those respective central banks.

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Chinese Foreign Reserves

In January 2017, Chinese foreign reserves fell under $3 trillion for the first time in six years.

In February 2017, Chinese foreign reserves inched back above $3 trillion.

In March 2017, Chinese foreign reserves rose another $4 billion to $3.09 trillion.

In April 2017, Chinese foreign reserves rose another $20.45 billion in April to $3.29 trillion.

In May 2017, Chinese foreign reserves rose another $24 billion to $3.054 trillion.

In June 2017, Chinese foreign reserves rose another $3 billion to $3.057 trillion.

In July 2017, Chinese foreign reserves rose another $24 billion to $3.081 trillion.

In August 2017, Chinese foreign reserve rose another $11 billion to $3.092 trillion.

In September 2017, Chinese foreign reserve rose another $17 billion to $3.1085 trillion.

In October 2017, Chinese foreign reserve rose another $7 billion to $3.1092 trillion.

Chinese Foreign Reserves August 2017

Chinese Holdings of U.S. Treasuries

According to the most recent report by the U.S. Treasury Department on foreign holdings of U.S. Treasury securities, China held $1.2 trillion in U.S. Treasury bonds as of the end of August 2017.

China is once again the world’s largest foreign holder of U.S. Treasury Securities.

Chinese Holdings of US Treasuries August 2015- August 2017

Chinese are the number one foreign holder of U.S. Treasuries.

China Ready to Buy More Treasuries as Yuan Stabilizes

Russia is also boosting their U.S. Treasury holdings.

Russian Holdings of U.S. Treasuries August 2015 - August 2017

Chinese Gold Imports Through Hong Kong*

Hong Kong gold Imports August 2017

China’s Gold Imports Seen Jumping 50% as Haven Demand Booms

* does not include Shanghai gold imports.

Chinese Gold Mining Production

Chinese Gold Mining Production 2000 - 2016

Chinese gold mining production is the largest in the world. According to U.S. Geological Survey, China mined 5,210 tons of gold from 2000 – 2016

Shanghai Gold Exchange

Through September 2017 gold withdrawals on the Shanghai Gold Exchange have topped 14,500 tons.

Shanghai Gold Exchange Withdrawals 2008 - 2017 (through September)

Chinese Retail Gold Demand is Strong

Chinese Demand for Gold Bars Climbs by Half on Hunt for Havens

Gold Bars sold in the first half of 2017: 158.40 metric tons or 4,919,064 ounces
Gold Jewlery: 330.8 tons or 10,635,467 ounces
Total First Half Chinese Gold Demand: 545.2 tons or 17,528,587 ounces

China’s demand for gold, excluding the central bank’s purchases, rose 15.5 per cent in the first three quarters to 815.9 tonnes.

Top Ten Gold Holding Nations

Top Ten Gold Holding Nations October 20 2017

The People’s Bank of China has the fifth largest gold reserves of any country.

To see the top forty gold holding nations, click here.

Will China’s Gold Save it From its Rising Debt?

Value of Chinese Gold Holdings vs Chinese Debt

Chinese Gold Holdings vs Chinese Debt

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Further Reading:

The Case of China’s Missing Gold

Shanghai Gold Exchange Withdrawals (weekly archive)

Chinese Gold Reserves (monthly archive)

Russian Gold Reserves (monthly archive)

India and Gold

Indian Gold Charts

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