China's Gold Reserves Swell to 5th in the World

      April 27, 2009 12:38

      China had the world's fifth largest gold reserves as of the end of last year, up five notches from 2003. Citing data released by the State Administration of Foreign Exchange, the China Daily on Saturday said the nation's gold reserves increased 76 percent from 600 tons in 2003 to 1,054 tons.

      The U.S. ranked first with 8,133 tons, followed by Germany (3,412 tons), France (2,508 tons) and Italy (2,451 tons).

      In the New York Mercantile Exchange on Friday, gold was traded at US$910.20 an ounce, up 0.9 percent from a day earlier, on news that China's gold reserves soared and the nation would buy more. Gold prices increased 5.3 percent last week alone.

      Some view China's huge purchases of gold as a strategy to lessen dependency on the U.S. dollar with a view to making the yuan the key currency. "Beijing continued to buy huge amounts of U.S. Treasury bonds while raising the proportion of purchases it allotted to other currencies and to gold," the Financial Times said.

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