For the first time in six years, China has updated the status of their national gold reserves. As part of their move to join the IMF’s basket of currencies, they were asked to come clean on the amount of gold they’ve accumulated in recent years. However, the numbers they’ve given have left investors feeling skeptical.
Officially, they now have 1,658 tons of gold. The last time that number was updated in April of 2009, it stood at 1,054 tons, which is roughly a 60% increase, and places their gold haul above Russia’s. That’s pretty impressive, but it falls far short of what investors had expected. When they first announced that they were going to reveal their stockpile two months ago, the most conservative estimates placed their gold holdings at 3000 tons, or double what they recently reported. Due to the fact that China is the largest gold producer, and nearly the largest gold importer, their current numbers are dubious at best.