China – world’s largest gold purchaser
Astana, Kazakhstan, Jan. 28
By Daniyar Mukhtarov - Trend:
China is the largest gold purchaser in the world, director of Macroeconomic Research Center, Olzhas Kudaibergenov said Jan.28.
"Not Russia, but China is the largest gold buyer today," he said. "Russia publishes the related data every month, while China - once in 10 years."
Based on the collateral data received from the publication of indices in Shanghai and Hong Kong, currently, China's gold reserve is estimated at 1,000 metric tons, he said.
"However, in reality the gold reserve is equal to 5,000-7,000 or probably, 8,000 metric tons," Kudaibergenov said.
"After completing the internationalization of CNY and establishing its clearing centers throughout the world, China will publish the data on its gold reserve in order to confirm how secure is CNY," he added.
The director said that Kazakhstan purchased $2 billion worth of gold in the H1.
Gold reserve worth of $2 billion is a small amount, Kudaibergenov said.
"Russia bought $4 billion worth of gold, however, it should be taken into account that Russia exports $12 billion worth of oil in a month," he added. "It has moved from the 7th to the 6th place for the volume of gold reserve by purchasing 60 metric tons."
Edited by CN