China’s central bank adds to gold reserves

China added to its gold holding in August by 1%, reports Bloomberg.

The central bank was holding 54.45 million troy ounces in August up from 53.93 million ounces a month earlier. Experts expect China to keep adding to its gold hoard.

This summer China started publicly disclosing its gold holdings ending years or rumours and guessing.

China has the sixth largest gold holdings according to the World Gold Council. Data was compiled earlier this month.