China has increased gold reserves for the first time in two years

Chinese gold reserves have grown up to $76,331 bn in December against $72,122 bn at the end of November. In doing so, gold reserves in the country have increased the first time in two years.
The State Administration of Foreign Exchange (SAFE) of the People's Republic of China expects that foreign exchange reserves and the balance of payments will remain stable in 2019.
According to the People's Bank of China statement, gold reserves had been at stable 59,240 m troy ounces from October 2016 to November 2018, but then it has unexpectedly increased to 59,560 m troy ounces.
Nevertheless, not only China has increased its gold reserves. Poland and Hungary enlarged gold reserves first time in many years.
GMOTrading notes that the gold price had shown the greatest growth since January 2017 in December 2018.
Chinese yuan had appreciated against the dollar by 1,3%, but then Chinese currency lost 5,3% of its value. It was the fourth time decrease during the last five years.
China's foreign exchange reserves had declined by 2,1% to 3,7 trillion during 2018, according to The State Administration of Foreign Exchange of the People's Republic of China report.
"Despite small fluctuations, forex reserves largely remained stable in 2018," commented Wang Chunying, SAFE spokesperson and chief economist.
You can find more information about the commodity market on GMOTrading site.

The information above cannot be considered as an advice investment and past results do not indicate future performance.
**Investors should have experience and understand the risks of losing all the initial investmen

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