China is 5th largest holder of gold in the world

Posted By: Staff
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Beijing, Apr 25: Apart from earning 82.5 billion dollars from nearly two trillion dollars in foreign exchange reserves last year China is reportedly the fifth largest holder of gold in the world, while United States owns the largest gold deposits followed by Germany, France and Italy.

Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), said on Friday, Apr 24 that the $82.5 bn return was an increase of 8 percent on the year before, and dismissed foreign media reports that China had lost 'tens of billions of dollars' on the value of its reserves during the economic crisis.

"Not only has China managed to keep its foreign exchange reserves secure and in liquid investments, but it has also made a profit," she said.

Beijing now has 1,054 tons of gold in its reserves; 454 tons more than it did in 2003. With this increase of 76 per cent, China has become the fifth largest holder of Gold.


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