The whys and wherefores of Chinas secret gold reserves
Did you know that China has not revealed any official data about the national gold reserves for the past 6 months? In January 2017, China's gold reserves were reported to be 1842.6 tons worth of $75 billion. But this is believed to be about 2% of the country's foreign exchange reserves, which may amount to $3148.40 billion.
According to the data published by the Department of Finance of China, this month has seen an increase of 0.76% in foreign exchange reserves as compared to April's.
Gold imports are also increasing in China. Since the beginning of this year, the country has imported 104 tons of gold, as witnessed by Swiss experts. The Chinese Gold & Silver Exchange Society forecasts a 54% increase of imports volume, which is believed to reach 1,000 tons by the end of 2017.
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