People’s Bank of China Halts Gold Acquisition in November

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

Total reported People’s Bank of China gold reserves stand at 1842.56 tonnes.

Gold Acquisition Halted as Chinese Foreign Reserves Fall by $68 billion in November.

PBOC foreign reserves fell from $3.12 trillion in October to $3.052 trillion in November, the lowest total since 2011.

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PBOC Adds no Gold to Reserves in November

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For the 17th 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.

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. In July the PBOC reported that it had resumed its gold purchases by adding approximately 15 tons to reserves in June. In August the PBOC announced that it had added 170,000 ounces or 5.28 tons of gold to her reserves in July. In August and September, the PBOC added 160,000 ounces or five tons of gold to reserves. In October the PBOC added just four tons of gold to reserves.

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 174 tonnes of gold to its reserves.

People’s Bank of China Gold Reserves 2009-2016


The People’s Bank of China added no gold to reserves in November.*

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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 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 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.

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Chinese Foreign Reserves and U.S. Treasury Holdings

Chinese foreign reserves fell $68 billion in November from $3.12 trillion in October to $3.052 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 $1.157 trillion in U.S. Treasury bonds as of the end of September 2016.

Chinese Gold Imports Through Hong Kong*

* does not include Shanghai gold imports.

Chinese Gold Mining Production

chinese gold mining production 2000-2015

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.

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

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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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