China purchases another 21 tonnes in November
Duncan Richardson, News Editor
8 Dec 2015, 2:23 p.m.
China added a further 21 tonnes of gold to their official reserves in November, as the Central Bank of China took advantage of a falling gold price. This figure is the largest monthly purchase since the Chinese Central Bank started announcing monthly figures in July.
The Peoples Bank of China now owns 1,743.35 tonnes of gold and have the fifth largest central bank hoard. Many doubt China is reporting the correct figures, with many analysts estimating their reserves could be many times higher. China’s gold holdings are of political significance and only disclosure information as and when they want.
Russia and the former Soviet states are also adding to their gold reserves despite the gold price heading for a third annual decline. Eastern Central Banks are buying gold to diversify their foreign reserve holdings away from the U.S. dollar.