Chinese gold reserves rise for a 15th straight year

Beijing (Aug 20)  The world economic superpower that is China has reported another year of growth in regards to its gold reserves. This now marks 15 consecutive years of growth and the total amount now stands at a staggering 14,727.16 tons by 2020, according to a yearbook issued by China Gold Association (CGA).

The nation's gold output is still ranked the top in the world, standing at 365.35 tons in 2020, the report reads. This represents a decline of 14.88 tons, or 3.91 percent lower from the same period in 2019, according to the CGA report. This comes with all the challenges of the COVID-19 epidemic and policies related to mining rights. The total traded volume of gold in the Chinese market reached 95,500 tons in 2020, accounting for 13.72 percent of gold transactions in the global market.

After noting an evident decelerating pace in the contraction of gold production in 2020 compared with the previous years, China's gold production industry's transformation from high-speed growth to high-quality development is showing sound momentum.

The yearbook published by the CGA provided an analytical report on the development and future trend of China's gold industry, covering the entire industry chain including gold exploration, mining, processing and investment. It made for good reading and it is clear that gold is an important part of the country's future.

KitcoNews