Wednesday, November 14th 04:27 PM IST

China to boost Gold reserves under Xi Jingping

# China gold  # largest gold consumer  # India gold  

According to International Financial Statistics said China's gold reserves have climbed to 1,054 tons after importing 582 tons of the precious metal in the first nine months of this year.

BEIJING(BullionStreet): As Xi Jingping set to become China's new leader, most analysts said China will definitely boost it's gold reserves under the new leadership and might slowdown processes to globalize yuan.

They said Xi Jingping clearly knows the situation that the Chinese currency cannot replace the US dollar as global currency even as the dollar remained on the receiving end for most of the last decade.

Xi Jingping will definitely boost gold and bargain with it for China, they added.

Meanwhile a top official with China's foreign affairs ministry said country needs to add to its gold reserves to ensure national economic and financial safety.

China also needs to promote yuan globalization as a hedge against foreign reserve risks, the official said.

According to International Financial Statistics said China's gold reserves have climbed to 1,054 tons after importing 582 tons of the precious metal in the first nine months of this year.

That amount of holdings made the country the world's sixth largest gold holder.

Meanwhile,China’s State Reserve Bureau of the National Development and Reform Commission plans to bid for 160,000 tons of aluminum as the first step in a 400,000-ton primary aluminum storage project.

The purchasing and storage of the 160,000 tons of aluminum will be carried out through competitive bidding among more than 10 shortlisted companies.

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