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China is willing to consider increasing the gold reserves in the light of market conditions

China is ready with carefully consider increasing the gold reserves of the country, taking into account the market situation. On March 9, said deputy director of the People’s Bank of China, the head of the State Administration of foreign exchange control of China Yi. “of the past 30 years, large fluctuations in gold prices does not offer investors a solid profit” – he said in an interview with Chinese and foreign journalists.

According to him, the current supply of gold in China totaled 1,054 tons. According to this indicator the country is the fifth largest in the world. In recent years, China has increased to more than 400 tons at a relatively reasonable prices.

Yi, referring to the results of research, noted that currently the country’s more than 3 tons of gold owned by the people .

According to Ghana, an increase in gold reserves by the State is limited to the low share of total foreign exchange reserves of the country and the lack of capacity of the global gold market. Thus, the market value of its existing China 1000 with more than tons of gold is about $30 billion, or slightly more than 1% of the total foreign exchange reserves of the country. In the case of double gold reserves, this share will exceed only 2%. At the same time, China’s purchase of gold at a high level will only lead to skyrocketing prices for it.

China is the world leader in gold production, which exceeds 300 tons per year. In addition, the annual consumption of the precious metal – more than 400 tons. On this indicator, China is second in the world, only India.