BNN-Bloomberg/Ranjeetha Pakiam/8-7-2019
“There’s a powerful constant amid the to-and-fro of the U.S.-China trade war as currency policy gets dragged into the standoff between the world’s two top economies: Beijing wants more gold in its reserves.”
USAGOLD note: The addition for July is roughly 10 tonnes and below previous announcements. The PBoC has added almost 84 tonnes thus far this year. We would characterize China’s announcement as acknowledgement of a diversification that occurred long ago and add, like many in the gold arena, we believe China’s actual reserves to be much higher than what has been reported.
