Daily Management Review

China Increased its Gold Reserves


China's gold reserves increased by 57%, according to the country's authorities official data, provided for the first time in six years.

The country has increased the volume of gold to 53.31 million ounces (1,658 tons), the People's Bank of China’s statement said.

This figure increased to 33.89 million ounces (1,054 metric tons), recorded in 2009, when the controller had last published the official data.

China is the fifth in volume of gold reserves in the world, according to the World Gold Council. The United States ranked first, the amount of gold reserves of the country is 8,133.5 tons.

Despite the fact that in today's world, paper money are not backed by gold, expensive metal still makes up a large part of the central banks in the US and Europe’s reserves.

China has become the second largest economy in the world in 2010 and energized to internationalize its currency.