China Says Gold Hoard Climbs 1.1% in Data Transparency Push
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China, the world’s biggest bullion consumer, disclosed that it increased its gold reserves by 1.1 percent in July in a drive for more transparency as it pushes for the yuan’s inclusion in the IMF’s currency basket.
Holdings rose to 53.93 million troy ounces from 53.32 million ounces a month earlier, according to data released on Friday by the central bank. On July 17, the country ended six years of mystery surrounding its hoard, revealing a 57 percent jump in assets since 2009 and overtaking Russia to become the country with the fifth-largest stash.