The Phaserl


China Creates Gold Investment Fund For Central Banks

from Gold Core:

China has announced the establishment of a new international gold fund with over 60 countries as members. The large fund, which expects to raise 100 billion yuan or $16 billion, will develop gold mining projects across the economic region known as the New Silk Road.

President Xi Jinping said earlier this year he hoped annual trade with the countries involved in the increasingly important modern Silk Road would surpass $2.5 trillion in a decade.

According to Xinhua, the official Chinese news agency, the project will facilitate the central banks of member states to acquire gold for their reserves more easily. This may explain the broad support which the project has received in the area.

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