The People’s Bank of China Added 130,000 Ounces (4.04 Tons) of Gold to Reserves in October.
Total reported People’s Bank of China gold reserves stand at 1842.56 tonnes.
Pace of Gold Acquisition Continues to Moderate as Chinese Foreign Reserves Fall.
PBOC foreign reserves fell from $3.166 trillion in September to $3.12 trillion in October, the lowest total since 2011.
PBOC Adds Four Tons of Gold to Reserves in October
For the 16th 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 130,000 ounces (approximately 4 tons) in October.
The PBOC is not “China” but rather the central bank of China. While the PBOC may not have added much gold to its reserves in July and August, 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 isdown 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 Foreign Reserves and U.S. Treasury Holdings
Chinese foreign reserves fell $46 billion in October from $3.166 trillion in September to $3.12 trillion, the lowest level since 2011. According to the most recent report by the U.S. Treasury Department on foreign holdings of U.S. Treasury securities, China held $1.185 trillion in U.S. Treasury bonds as of the end of August 2016.
China has reduced its U.S. Treasury holdings by about $85 billion the past year.
Chinese Gold Mining Production
Chinese gold mining production is the largest in the world
Top Ten Gold Holding Nations
The People’s Bank of China has the fifth largest gold reserves of any country.
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