The Peoples Bank of China raised its holdings by 30 tons in December, according to data on its website on Saturday. Every quarter the World Gold Council (WGC) publishes the Gold Demand Trends (GDT) report, which contains statistics provided by Metals Focus (MF) on mining output, scrap supply, newly fabricated jewelry sold, retail bar demand, ETF hoarding or dishoarding, etc. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Safely and securely buy and sell gold online at the lowest trading rates. We Need to Remove It. The values have been rounded to provide a better understanding of the statistic. DNBs Annual Report 1992 states (emphasis mine): Within the EC [European Community], the Netherlands was and is, when gold reserves are compared to GDP, one of the largest gold holding countries. {chart} *We compare the LBMA Gold Price AM to SHAUPM because the . The reserves had remained at the level for 20 months.". Here's where all this gold lies: Given their availability of reserves, it's no surprise that Australia, Russia, U.S . Source: Chairman of the SGE Shen Xiangrong stated in 2003: Although four large domestic banks were granted approval to import and export gold back in 2002, they have not yet started these cross-border activities, and the PBOC still remains the only bridge connecting the international bullion market with China. China is the largest producer of gold. Chinas gold hoarding: will it cause the price of gold to rise? Practice has proven that private gold reserves are an effective supplement to official reserves and are very important for maintaining national financial security. All quotes delayed a minimum of 15 minutes. Other European central banks sold another 3,000 tonnes over this period (to equalize gold holdings relative to other important gold holding nations). Furthermore, we have no insight into the motivation of other central banks to be able to make statements about their gold reserves and gold policy. And I was sort of guessing 50/50, 70/30, whatever. Gold Production At Precious Metals Producer Oegussa GmbH My attention has just been drawn to a note put out by a very well respected analyst and China follower which postulates that China could actually be holding as much as 30,000 tonnes Fast forward to today when while . In March 2013, deputy Chinese central bank governor Yi Gang told the press: If the Chinese government were to buy too much gold, gold prices would surge, a scenario that will hurt Chinese consumers. The chart below is the result of my calculations on China's official and private reserves from 1994 through 2022. That is up +US$111 or +6.0% in a week. The ideal entry-level account for individual users. Chinas non-monetary gold reserves are close to the global average. Historical chart and real-time quote (live price per gram, ounce, kilo) on the LBMA, yearly performance in Chinese Yuan. [Graph], National Bureau of Statistics of China, October 31, 2022. as an important part of China's gold reserve system, we should also encourage individuals to invest in gold. International Financial Statistics, Units: Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering finance, real estate, and technology in Greater China, Profit from additional features with an Employee Account. Despite factors including the COVID-19 epidemic and policies related to mining rights, the country's gold output still ranked the top in the world . Gold on the SGE is exclusively quoted in renminbi: not suitable for the PBoC. Switzerland. In 2007, the Chinese gold market functioned as was intended by the PBoC, as total supply and demand went through the SGE that year for the first time. Dec 7 (Reuters) - China's central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019 . I dont think China needs to brag about its largesse, says Norman. A paid subscription is required for full access. France 2,436. China has the world's sixth-largest official national gold reserves after countries including Russia, Germany and the United States, which is the biggest with 8,133.5 tonnes. There is reason to believe that, like official holdings, China reports this estimate much lower than actual production. However, when I asked DNB in 2020 about the reason for past gold sales, they evaded the subject. Gold Reserves are countrys gold assets held or controlled by the central bank. Because we know about an international effort of equalizing reserves, DNB selling gold to China in 1992 made sense as the Netherlands had too much gold (1,707 tonnes) and China too little (395 tonnes), both of their Gross Domestic Product being roughly the same. Obviously, 604 tonnes werent bought in one month. XAU/USD bulls cheer softer United States 10-year, two-year Treasury bond yields, improved market . In London, there are four major gold traders: Sharps Pixley, Samuel Montague, Mase Westpac and Rothschild. The statistics produced by the IMF for China record the same amount of gold for a decade [395 tonnes] . 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But there is more, as Ross Norman points out. Rebecca Goodman asks: which makes more sen. +44 20 7131 0260; Gold 0.46 Silver $21.67 0.60. Trading Economics welcomes candidates from around the world. National Bureau of Statistics of China. Given that the Bank of Russia is expected to add . For the Chinese State, the latest SAFE release is reporting Chinese official gold reserves of 59.24 million ounces (1842 tonnes). SVB's collapse came suddenly, following a frenetic 48 hours during which customers yanked deposits from the lender in a classic run on the bank. According to the China Gold Association, two gold mine accidents led to shutdowns for safety inspections, driving the decline in gold output. If the price goes down the PBoC can purchase hundreds of tonnes on sale. If the price rises, China as a whole can buy less gold. Second, there is the fact that, as well as being the biggest producer, China is the worlds biggest importer. China will be surely watching all of this, learning from Russias mistakes and thinking it needs to de-dollarise as swiftly and discreetly as possible. Current job openings: Download historical data for 20 million indicators using your browser. Chinese Central Bank gold holdings have apparently been entirely unchanged since mid-2019 at 1,948 tonnes, Ross Norman tells me. It said much of that gold was bought by central banks that did not publicly report purchases, fuelling speculation that countries like China or Russia may be stockpiling. The Trading Economics Application Programming Interface (API) provides direct access to our data. National Bureau of Statistics of China. Currently, you are using a shared account. The World Gold Council (WGC) said last month that central banks globally bought 399 tonnes of gold in the third quarter of 2022, by far the most ever in a single three-month period. The chart below is the result of my calculations on Chinas official and private reserves from 1994 through 2022. As soon as this statistic is updated, you will immediately be notified via e-mail. The difference between my estimates and the official data on purchases over this period is 1,700 tonnes. Gold's price has fallen in recent months as rising interest rates and bond yields made the metal, which does not offer a yield, less attractive to financial investors in Europe and the United States. 2022 Data - 2023 Forecast - 2000-2021 Historical - Chart - News, China New Home Prices Fall for 10th Month, Asian Stocks Fall on Global Banking Fears, China Jobless Rate Rises to 5.6% in February, China Fixed Investment Growth Tops Estimates, China Industrial Output Growth Below Forecasts, Wall Street Rattles As First Republic Sinks, Spain Stocks Weekly Decline Largest in Over a Year, French Stocks End in the Red, Book Weekly Loss, European Stocks End Week on Negative Note, South African Stocks End Lower, Post Sharp Weekly Loss, FTSE 100 Closes Near Four-Month Lows, Posts Sharpest Weekly Decline Since February 2022. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm. China's gold reserves stood at 2,011t as of 2022, 30t higher m-o-m and accounting for 3.6% of its total foreign reserves. paper money), or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of the national currency.. Total Reserves excluding Gold for China [TRESEGCNM052N], What China implicitly said was that its aiming to bring its gold to GDP ratio more in line with other countries. China discovers undersea gold reserves estimated at $16.4bn. In the summer of 2015, the People's Bank of China began sharing its gold purchasing activity on a monthly basis for the first time since 2009. Lets start with Russias gold. Profit from the additional features of your individual account. Chinese leaders have pledged to step up support for the world's second-largest economy, which is . China Gold Reserves How much gold does China really have. Ive spoken to some of the worlds top analysts Ross Norman, Bron Suchecki and Koos Jansen and they all arrive at similar estimates. Is China secretly building up its huge gold stockpile? Despite factors including the COVID-19 epidemic and policies related to mining rights, the country's gold output still ranked the top in the world, standing at 365.35 tons in 2020, the report reads. Im tempted to believe Mister-X because this tonnage would make more sense than the official number relative to, i.e., Chinas vast foreign exchange reserves. Chinas gold reserves may be double what official reports suggest, Chinas reported gold reserves rise for first time since 2019. . That raised China's total gold reserves to over 2,000 tons for the first time. The chart shows gold reserves by country and indicates that the United States is the largest holder of gold in the world. Given China is the second largest economy in the world, it has massive foreign exchange reserves but little gold reserves relative to total reserves, its the proverbial elephant in the gold market. China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year to release liquidity and support the economy. retrieved from FRED, Alongside the central bank's gold purchases, the Turkish government introduced gold-backed bonds and changes to gold . Lets say 80% of the difference between MFs data and the official numbers released by the IMF are PBoC acquisitions. From the WGC: Net purchases (i.e. The PBoC had the opportunity to buy substantial amounts of gold, in and off the market, for decades. This chart shows the cumulative amount of withdrawals from the exchange since 2008. . The European Central . Status Report of U.S. Government Gold Reserve. Chinas monetary gold to GDP ratio (computed with 4,309 tonnes) is 1.5%, which is still lower than 2% in the US and 4% in the eurozone. We explain who can get a council tax reduction, The Chancellor announced a series of tax changes and allowance freezes in his Autumn and Spring budget. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. See here for a complete list of exchanges and delays. Why the Peoples Republic of China? A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. Chart 6: China's gold reserves increased for the fourth consecutive month Series from International Financial Statistics. If it buys gold abroad with US dollars, the monetary gold is exempt from being reported in international customs data when crossing borders (non-monetary gold is not exempt). 84% of retail investor accounts lose money when trading CFDs with this provider . China owns quite a bit of U.S. debt in the form of Treasury bonds - and, in fact, has been the largest international owner of U.S. government IOUs since 2008. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE, Russia and its removal from the Swift messaging system. China held 62.64 million fine troy ounces of gold at the end of July, from 62.64 million ounces at the end-June. China Gold Reserves data remains active status in CEIC and is reported by CEIC Data. All in all, 4,309 tonnes for Chinas official gold reserves is the best estimate I can come up with. My estimate for Chinese private reserves in 2022 is nearly 24,000 tonnes, divided by 1.4 billion people (the Chinese population in 2022), equals 17 grams per capita. On 29 September Duisenberg [DNB President] sent a letter to Kok [Dutch Minister of Finance] in which he explained that the sale was intended to equalize our gold holdings relative to other important gold holding nations.. China officially started buying gold again in November and made another large purchase of 30 tons . The world's gold reserves in-situ in 2020, tonnes. Meanwhile, due to a 3% depreciation in the RMB against the dollar, the SHAUPM in RMB saw a smaller fall of 1% (Chart 1). In addition to the evidence in NRC Handelsblad, its cited in DNBs Annual Report 1992 that demand in the Far-East was strong when they sold 400 tonnes. Safe release is reporting Chinese official gold reserves of 59.24 million ounces ( 1842 tonnes ) and...: China & # x27 ; s gold reserves are close to global! 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