{"id":1994,"date":"2023-05-22T23:17:26","date_gmt":"2023-05-22T23:17:26","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=1994"},"modified":"2023-05-22T23:17:32","modified_gmt":"2023-05-22T23:17:32","slug":"china-adds-gold-to-reserves-for-sixth-consecutive-month","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/china-adds-gold-to-reserves-for-sixth-consecutive-month\/","title":{"rendered":"China Adds Gold to Reserves for Sixth Consecutive Month"},"content":{"rendered":"\n<p>China&#8217;s central bank has been on a buying spree that has so far spanning six months.  In April, the bank added an additional 8.09 tons of gold to its reserves, now topping 2,076.47 tons.<\/p>\n\n\n\n<p>As a reference, that much gold is the equivalent to 8,090 <a href=\"https:\/\/findbullionprices.com\/p\/1-Kilo-Gold-Bar-999-Fine\/\" target=\"_blank\" rel=\"noreferrer noopener\">kilo gold bars<\/a>.<\/p>\n\n\n\n<p>During the first quarter of the year reserves at central banks increased by a whopping 228.4 tons as backlash against the dollar continues. <\/p>\n\n\n\n<p>Announcements are expected during the upcoming BRICS summit this summer regarding the formation of a new basket currency.<\/p>\n\n\n\n<p>There&#8217;s been lots of rumor and speculation with a few official leaks of small bits of information. <\/p>\n\n\n\n<p>Here&#8217;s a few things that we know:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A new basket <a href=\"https:\/\/www.silkroadbriefing.com\/news\/2022\/10\/04\/brics-working-to-develop-a-new-reserve-currency\/?utm_source=findbullionprices.com\" target=\"_blank\" rel=\"noreferrer noopener\">currency is being created<\/a> that will be a combination of five currencies: Chinese RMB Yuan, the Russian Ruble, the Indian Rupee, the Brazilian Real and the South African Rand.<\/li>\n\n\n\n<li>This <a href=\"https:\/\/think.ing.com\/opinions\/brics-the-new-name-in-reserve-currencies\/\" target=\"_blank\" rel=\"noreferrer noopener\">new basket currency<\/a> will be an alternative to the <a href=\"https:\/\/www.imf.org\/en\/Topics\/special-drawing-right\" target=\"_blank\" rel=\"noreferrer noopener\">IMF\u2019s Special Drawing Right<\/a>.<\/li>\n\n\n\n<li>Pavel Knyazev, Deputy Director of the Russian Foreign Ministry\u2019s Foreign Policy Planning Department stated that member states are \u201cactively studying mechanisms\u201d to exchange financial information to develop a reliable alternative for international payments.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Recent central bank gold holdings by BRICS members:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Brazil:<\/strong> \u00a0CEIC Data reports that Brazil is <a href=\"https:\/\/www.ceicdata.com\/en\/indicator\/brazil\/gold-reserves\" target=\"_blank\" rel=\"noreferrer noopener\">currently holding <strong>7,602 tons<\/strong><\/a>, down from 8,036 tons reported in January. A significant drop 434 tons. Speculation is that some of this gold may have gone to China in exchange for yuan currency to hold in its reserves following the recent local currency trade agreement.<\/li>\n\n\n\n<li><strong>Russia<\/strong>: Trending Economics reports that <a href=\"https:\/\/tradingeconomics.com\/russia\/gold-reserves\" target=\"_blank\" rel=\"noreferrer noopener\">Russia&#8217;s reserves are currently at <strong>2326.52 tons<\/strong><\/a>, up from 2298.53, currently the highest ever reported by the country. Last year&#8217;s sanctions placed by the Biden Admin included Russia being booted from the LBMA. Some of the gold that would&#8217;ve been sold at the market exchange likely ended up being stacked in the country&#8217;s reserves. Additionally, Russia responded to the sanctions by exchanging gold for rubles within Russia, helping to keep the economy prosperous.<\/li>\n\n\n\n<li><strong>India:<\/strong> Recent <a href=\"https:\/\/indianexpress.com\/article\/business\/banking-and-finance\/reserve-banks-gold-reserves-rose-4-5-to-794-64-tonnes-in-2022-23-8598814\/\" target=\"_blank\" rel=\"noreferrer noopener\">news reports show<\/a> that RBI added 34.22 metric tonnes of gold in the fiscal year that ended March 31, 2023, taking the total gold reserves up to\u00a0<strong>794.64 metric tonnes<\/strong>.<\/li>\n\n\n\n<li><strong>China:<\/strong> According to the World Gold Council, the PBoC reports that as of April they have added a <a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2023\/04\/chinas-gold-market-march-gold-reserves-rose-fifth-consecutive-month\" target=\"_blank\" rel=\"noreferrer noopener\">whopping 120 tons since November 2022<\/a>. The most recent reports show <strong>2,076.47 metric tons<\/strong> in holding.<\/li>\n\n\n\n<li><strong>South Africa:<\/strong>  Trending Economics <a href=\"https:\/\/tradingeconomics.com\/south-africa\/gold-reserves\" target=\"_blank\" rel=\"noreferrer noopener\">reports the country&#8217;s reserves<\/a> include only <strong>125.38 tonnes<\/strong>, significantly less than the others in the group. However, South Africa is also a major gold producer with <a href=\"https:\/\/www.statista.com\/statistics\/981122\/gold-production-south-africa\/\" target=\"_blank\" rel=\"noreferrer noopener\">annual mining exports topping 110 tonnes in 2022<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s central bank continues its buying spree that has so far spanning six months.  In April, the bank added an additional 8.09 tons of gold to its reserves, now topping 2,076.47 tons.<\/p>\n","protected":false},"author":1,"featured_media":2004,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[409,710,447,545],"tags":[],"class_list":["post-1994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-gold","category-central-banks","category-gold-bars","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Adds Gold to Reserves for Sixth Consecutive Month - FindBullionPrices.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/findbullionprices.com\/blog\/china-adds-gold-to-reserves-for-sixth-consecutive-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Adds Gold to Reserves for Sixth Consecutive Month - FindBullionPrices.com\" \/>\n<meta property=\"og:description\" content=\"China&#039;s central bank continues its buying spree that has so far spanning six months. 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