China bought another 190,000 ounces of gold in September. The country’s foreign exchange reserves have declined by almost 15 billion US dollars.
Total reserves shrunk
The State Administration of Foreign Exchange (SAFE) published figures on China’s foreign exchange reserves at the end of September 2019. According to the figures, the country’s total reserves amounted to USD 3,204.45 billion. Compared to the previous month, this represents a decline of 0.5 percent or USD 17.04 billion.
190,000 ounces of gold bought
China’s gold reserves are now estimated at 62.64 million ounces. This corresponds to 1,948.32 tonnes of gold. In September, 190,000 ounces or 5.9 tonnes of gold were added. This corresponds to the acquisitions of the previous month. The value of the gold reserves fell by 2.4 billion US dollars or 2.5 percent to 93.04 billion US dollars. Background: From the end of August to the end of September, the gold price fell by 3.7 percent from 1,529 US dollars to 1,472 US dollars (basis: US gold futures).
Just under 96 tonnes of gold since January
Compared to the previous month, Chinese foreign exchange reserves fell by 14.74 billion US dollars to 3,092,43 billion US dollars. Gold’s share of total reserves recently amounted to 2.9 percent (previous month: 2.96 percent). Since the beginning of the year China has officially bought 3.08 million ounces of gold. This corresponds to just under 96 tonnes of the precious metal.