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China's central bank continues to "grab gold" gold reserves increased for the second consecutive month

February 11, 2019 17:16
source: Eastern Fortune Network

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According to data from the People's Bank of China, China's gold reserves at the end of January were 59.94 million ounces, valued at $79.319 billion; at the end of December, gold reserves were 59.56 million ounces, valued at $76.631 billion.

According to previous data, at the end of December 2018, domestic gold reserves were 59.56 million ounces, an increase of 320,000 ounces compared with 59.24 million ounces at the end of November. At the same time, this is the first time in 27 months that China's gold reserves have risen since October of 2016.

In fact, from the third quarter of 2018, central banks competed to hoard gold. According to a report released by the World Gold Council, in the third quarter of 2018, central banks' gold purchases increased significantly, and global central bank gold reserves increased by 148.4 tons, an increase of 22%. According to quarterly statistics, it is the largest increase in holdings since 2015.

China is the world's largest gold-demanding country, but the Chinese central bank's gold reserves have not changed for many years. The People's Bank of China increased its holdings of gold for the first time in December last year after 26 months. The surge in gold purchases by central banks has made the investment prospects of gold full of imagination.

In addition to China's gold reserves began to increase in December last year, Poland and Hungary also unexpectedly appeared to increase the holdings of gold reserves. Like China, it has also appeared for many years. In addition, Russia will continue to increase its holdings of gold in 2018.

According to relevant statistics, as of November 2018, the Russian central bank's gold holdings increased by nearly 37.324 tons. At present, the Russian central bank's gold reserves have ranked fifth in the world. From the official data released by the Russian government, we can It is seen that Russia currently holds 1909.8 tons of gold.

Russian gold reserves are growing very fast and the scale is very large. Since 2000, Russia's gold reserves have increased by nearly 500%, coupled with Russia's large-scale sell-off of US debt, which has led to Russia's gold reserve value is much higher than the value of the US debt held. The speed of "de-dollarization" like Russia can be said to be very amazing.

The report said that gold is the central bankforeign exchange reservesAn important part of it. According to internationalMonetary FundOrganization (IMF) data, as of the first half of 2018, the total holdings of central banks accounted for about 10% of global foreign exchange reserves.

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                (Editor: DF134)

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