China FX reserves $3.073 trillion at the end of December 2018


PBOC releases its latest FX reserves data

  • End-November FX reserves was $3.062 trillion
  • Gold reserves $76.331 billion
  • End-November gold reserves was $72.122 billion

Little change in the foreign currency reserves but of note, the gold reserves rose from 59.24 million fine troy ounces in November to 59.56 million fine troy ounces in December. That’s the first time China’s gold reserves rose since October 2016, based on this measure.

It has been widely assumed that China has been steadily increasing its stockpile in gold over the past few years. That makes the increase here rather disappointing in terms of what markets expect them to report since they are known to keep mum about their gold reserve holdings for prolonged periods.

Still, I believe this doesn’t remove the illusion that China will only choose to report the true amount until they see it being necessary. Not sure if this really counts in that regard.


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