China boosts its gold reserves in August by 16 tonnes

FXStreet (Mumbai) - China boosted its gold holdings in August by 1% to 54.45 million troy ounces, the People's Bank of China announced on Wednesday. The move by the China’s central bank is largely seen as an effort to diversify the economy’s foreign exchange reserves.

As Bloomberg reports, “The hoard rose to 54.45 million troy ounces in August from 53.93 million ounces a month earlier, according to data released by the central bank on Wednesday."

"China ended six years of mystery surrounding the holdings in July, revealing a 57 percent jump since 2009 and overtaking Russia to become the country with the fifth-largest stash.”