China’s push to boost its gold holdings could see the country challenge Russia as the most aggressive buyer of the precious metal this year.
The country’s central bank, the People’s Bank of China, has bought about 32 tonnes of gold in the past three months. If it keeps purchasing at that rate, China would surpass Russia and Kazakhstan, leading buyers in 2018 which have tapered their acquisitions recently.
China is the world’s biggest gold producer but its gold reserves, at just under $80bn, make up a fraction of its total foreign exchange reserves of more than $3tn, meaning China is underweight the yellow metal, compared with peers. That 3 per cent share, for example, compares to 19 per cent for Russia.
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