BEIJING, July 30 (Xinhua) -- China has become the world's largest gold producer and a major buyer of gold, according to an annual report released last Sunday by the State Administration of Foreign Exchange.
China's gold reserves amounted to 1,852 tonnes by the end of 2018, ranking sixth in the world.
The country has been accumulating the precious metal for seven consecutive months and its gold reserves hit 61.94 million ounces as of the end of June.
Adding position in gold is a global trend. Many countries have increased the share of gold in their foreign exchange reserves to hedge against risks and cope with market uncertainties, said Xie Yaxuan, chief analyst of China Merchants Securities.
Figure 1. China's gold reserves (2005-2018)
Unit: tonnes
Source: State Administration of Foreign Exchange
(Edited by Su Dan)
A single purchase
