The People’s Bank of China Added Five Tons of Gold to Reserves in July.
Total reported People’s Bank of China gold reserves stand at 1828.55 tonnes.
PBOC foreign reserves fell from $3.21 trillion in June to $3.20 trillion in July.
PBOC Adds Five Tons of Gold to Reserves in July
For the 13th month in a row, The People’s Bank of China (PBOC) gold reserves were updated. The latest update showed that the PBOC’s gold reserves grew by 170,000 ounces (5.28 tons) in July.
In June, the PBOC announced that it added no gold to its reserves in the month of May , marking the first month since the PBOC began monthly gold reserves reporting in July 2015 that it showed no additions of gold to reserves. Last month the PBOC reported that it had resumed its gold purchases by adding approximately 15 tons to reserves in June.
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 165 tonnes of gold to its reserves.
People’s Bank of China Gold Reserves 2009-2016
*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 PBOC is not “China” but rather the central bank of China. While the PBOC may not have added much gold to its reserves, gold was still mined in China and imports of gold continued to flow into China via Hong Kong and Shanghai. This gold goes to individuals, state owned investment companies and banks and to satisfy demand on the Shanghai Gold Exchange. Gold demand in China as measured by withdrawals on the Shanghai Gold Exchange through July 2016 is down 25% from last year through the same time period.
China only reports on gold held by its central bank, not gold held elsewhere in the country.
Chinese Gold Mining Production
Top Ten Gold Holding Nations
To see the top forty gold holding nations, click here.
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