Chinese central bank gold holdings rise to 1,658 T

17-Jul (Reuters) – China’s gold reserves stood at 1,658 tonnes at the end of June, the central bank said on Friday, up 57 percent from the last time it adjusted its reserve figures more than six years ago.

Those figures would make China the world’s sixth largest official sector gold holder after the United States, Germany, the International Monetary Fund (IMF), Italy and France.

Despite the reported tonnage increase, gold now accounts for 1.65 percent of China’s total forex reserves compared with 1.8 percent in June 2009.

[source]

PG View: The market seems disappointed, but a 57% increase over 6-years is still pretty significant. Perhaps more interesting is that even with the heavy buying, gold as a percentage of total reserves actually edged lower. That likely suggests that China has a lot more buying to do.

@RonStoeferle @JordanEliseo @NedNL @ButlerGoldRevo They misrepresented for last 6 years and still do. Just enough to appease #IMF, not more.

— Jim Rickards (@JamesGRickards) July 17, 2015