They reported 1054 tonnes as always since 2008. But this is impossible. Here is why.
China imports gold and also produces gold. This total addition in gold has surged since 2008 (white bars), due to the imports through Hong Kong. China consumes 60% of its gold in jewelry, the other 40% is added to the central bank gold reserves. This implies that we have 2710 tonnes instead of 1054 tonnes. That's almost 3 times the reported number from the Chinese government.
|China Gold Reserves|
Additionally, the total assets of the Chinese central bank has gone up from 3 trillion to 6 trillion from 2008 till now, which is a doubling of the balance sheet. And you tell me that they didn't buy any gold since 2008?
I believe they want to quietly buy more gold...