Off The Wire
China's reported gold reserves rise for first time since 2019
The additions bring China's reported holdings at the end of November to 1,980 tonnes, worth around $112 billion.
China has the world's sixth-largest official national gold reserves after countries including Russia, Germany and the United States, which is the biggest with 8,133.5 tonnes.
China has sometimes reported no change to its gold holdings for years before disclosing additions of hundreds of tonnes. At other times, it has reported steady monthly increases.
The World Gold Council (WGC) said last month that central banks globally bought 399 tonnes of gold in the third quarter of 2022, by far the most ever in a single three-month period.
It said much of that gold was bought by central banks that did not publicly report purchases, fuelling speculation that countries like China or Russia may be stockpiling.
Higher demand from central banks should help support gold demand and prices , currently around $1,775 an ounce.
Gold's price has fallen in recent months as rising interest rates and bond yields made the metal, which does not offer a yield, less attractive to financial investors in Europe and the United States.
The reported increase in China's gold reserves was part of
data released by the People's Bank of China showing its foreign
exchange reserves rose more than expected in November.
(Reporting by Peter Hobson and Siyi Liu; Editing by Alexander
Smith)
