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China's gold reserves reach 1,054 tonnes

(Xinhua)
Updated: 2009-04-24 15:31

BEIJING -- China, owner of the world's biggest forex reserves, said Friday its gold reserves had risen to 1,054 tonnes by the end of 2008.

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China is now the fifth biggest holder of gold reserves in the world, with only six countries having a holding of more than 1,000 tonnes, Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua in an interview.

The new figure represents an increase of 454 tonnes from 600 tonnes in 2003, the last time China announced an adjustment of its gold holdings.

The country adjusted its holding of gold reserves twice this century. It raised its holding from 394 tonnes to 500 tonnes in 2001, and to 600 tonnes in 2003, Hu said.

He added that China has reported the change in its gold holdings to the International Monetary Fund (IMF).

The country would include the latest adjustment later in the balance of payments statistics and central bank reports, she added.