China adds gold holdings

BEIJING: China increased its gold hoard in January, raising its holdings by 0.9% to 57.18 million ounces from 56.66 million ounces a month earlier, according to the People’s Bank of China.

The monetary authority has added 7.2% to its gold assets since announcing in July a 57% jump since 2009. China holds the fifth-biggest tonnage by country and is buying bullion to diversify its foreign-exchange reserves.

Russia and Kazakhstan have also been increasing their hoard. Russia boosted its holdings by about 17% to 45.5 million ounces in 2015, and Kazakhstan added 16%. — Bloomberg