China central bank dismisses reports of lost gold reserves

The central bank said Wednesday that reports of authorities investigating the loss of 80 tonnes of gold reserves from the national treasury are untrue and “pure rumor.”

The remarks came in response to a report carried by a Hong Kong-based magazine stating that the Ministry of Finance, the central bank, the Ministry of Supervision and the National Audit Office had jointly set up special groups to investigate the whereabouts of 80 tonnes of gold reserves that had gone missing from the national treasury.

“The report was made out of thin air. The central bank denounces such practices,” said an anonymous official from the bank, adding the bank reserves the right to hold those who spread rumors legally responsible.

via ECNS

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza