The central bank of China announced an increase of 32 tons in China’s gold reserves on Wednesday. The worth of 32 tons of gold is approximately $1.8 billion.
The last time that China announced its gold reserves was in the year 2019. The country chose to remain quiet about its gold reserves ever since. The announcement was totally out of the blue.
After the prominent increase, the gold reserves in China’s treasury now stand at 1,980 tons, the total worth of which is about 112 billion dollars. China has long been buying and collecting gold but refrained from announcing its reserves to the world.
In a Twitter comment, Krishan Gopaul, senior European, Middle East and Asian market analyst at the World Gold Council, stated that this is the first time the central bank has announced a change in China’s gold reserves since September 2019.
According to an estimate, China ranks sixth in the world in terms of gold reserves. Among the countries with large reserves of gold are the USA, Germany, Italy, France and Russia. The United States has the largest gold reserves with a weight of more than 8133 tons.