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China’s gold reserves may be greater than official figure

from Want China Times:

Taking advantage of the slump in international gold prices, the People’s Bank of China may have purchased large amounts of gold in a bid to diversify its reserves, thereby lowering its share of US government bonds, inside sources say, according to Shanghai’s National Business Daily.

The People’s Bank of China released data recently that showed the nation’s official gold reserves stood at 1,054 tons as of the end of 2013.

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2 comments to China’s gold reserves may be greater than official figure

  • rich

    ‘Level playing field’: Why a Chinese currency hub will help boost Canada’s oil sector

    CALGARY – When Prime Minister Stephen Harper, standing alongside Chinese Premier Li Keqiang in Beijing’s Great Hall of the People, announced last month that a Renminbi currency trading hub would soon open in Canada, Calgary’s oil and gas sector was paying particular attention.

    “I think it probably brings us to a level playing field with the U.S., because right now everything goes through U.S. dollars,” said Greg Stringham, Canadian Association of Petroleum Producers vice-president of oil sands and markets.

  • Angel

    According to a recent article by Jansen, himself, China’s reserves are about 16,000 tonnes. This is up CONSIDERABLY from his previous estimate not very long ago.

    However, it’s still slightly less than half of the 30,000 tonnes that Macleod seems to think they have.

    Either way, the official number is laughable. All the same China MUST keep it under wraps.

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