China ended years of speculation about its official gold holdings by revealing an almost 60 percent jump in its reserves since 2009.
The country’s central bank said its gold reserves were 1,658 tonnes (53.31 million fine troy ounces) as of the end of June. In April 2009, reserves were 1,054 tonnes.
The purchases show how China is seeking to diversify its reserves away from the US dollar at a time when the price of gold has fallen to near its lowest price since 2010.
But that task has been complicated by the rapid growth in China’s foreign exchange reserves, which are the world’s largest at over $3 trillion.