SHANGHAI -- China's proven gold reserves reached 12,100 tonnes at the end of 2016, the state news agency Xinhua reported today, quoting an official with the national gold association.
China has been the world's biggest gold producer for 10 years and the largest consumer of the metal for four years, it said. China aims to increase its annual gold output to 500 tonnes by 2020 from around 450 tonnes currently, it said.
Last year 70,000 tonnes of gold were traded in China on spot exchanges, futures exchanges, and over-the-counter at banks, and that amount was expected to exceed 100,000 tonnes by 2020, Xinhua quoted Zhang Yongtao, vice chairman of the China Gold Association, as saying. ...
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