Gold now accounts for nearly 1.7% of China’s total forex reserves

FXStreet (Mumbai) – China’s gold reserves stood at more than 1,600 tons at the end of June, up 57% from six years ago; which is 1.7% of China’s total forex reserves.

China is now the world’s sixth largest official sector gold holder after the US, Germany, the IMF, Italy and France. The People’s Bank of China (PBOC) is of the view that investment in Gold would be beneficial for risk management. An increase of more than 600 tons of gold would help guarantee the security, liquidity and value of China’s international reserves, the PBOC said.

China’s gold reserves stood at more than 1,600 tons at the end of June, up 57% from six years ago; which is 1.7% of China’s total forex reserves.

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