China revealed that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes and confirming years of speculation it had been buying. Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.
By a Reuters calculation, China's holding of gold would be worth around $30.9 billion at current prices. That accounts for only about 1.6 per cent of China's total foreign exchange holdings and is little more than one-tenth of the value of the US gold reserve, the world's biggest. It also means gold has slipped as a share of China's total reserves from about 2 per cent, based on end-2003 prices.
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