BEIJING -- China increased its gold reserves for a fourth straight month in March, data from the central bank showed.
The country's gold reserves amounted to 60.62 million ounces by the end of last month, a slight rise from February, according to the People's Bank of China (PBOC).
The gold reserves were equivalent to around $78.5 billion, down from $79.5 billion in the previous month, the PBOC said.
The latest gold purchase by the world's second-largest economy came at a time when global central banks are accumulating the precious metal.
Gold reserves of central banks around the world surged 651.5 tonnes, or 74 percent year-on-year, in 2018, according to the World Gold Council.
As a safe haven hedge, gold will become more attractive in 2019, due to greater market uncertainties and the expansion of protectionist economic policies, according to a forecast from the council.
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Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Conference and Exhibition 2018 Was held at Meijiang Convention and Exhibition Center in Tianjin in October 18-20, 2018. We invite you to join the event and to celebrate the 20th anniversary of CHINA MINING with us. For more information about CHINA MINING 2018, please visit: www.chinaminingtj.org.
