President of the China Gold Association, Song Xin, has recommended the Peoples Republic of China should accumulate over 8,500 tonnes of gold. Xin’s opinion was published in July’s addition of Sina Finance. Xin was also quoted as saying. “Gold is money par excellence in all circumstances and will help support the renminbi to become an international currency as gold forms the very material basis for fiat currencies.”
China last reported their gold reserves in 2009 when they stated their official reserves stood at 1,054 tones. China is now the world’s largest producer and consumer of gold which has led many analysts to speculate that China’s official gold reserves are significantly higher.