PBOC adviser says China should raise gold reserves

Xia Bin, an adviser to the People’s Bank of China (PBOC), stated that now is an “appropriate time” for China to add to its gold reserves, according to a report by Economic Information Daily.

Xia contended that “related departments” of the PBOC should implement a “buy in the dip” strategy over a very long period of time.

China’s gold reserves currently stand at  1,064 tons, comprising just 1.6% of its total foreign exchange reserves. That level is substantially less than the 8,133 tons owned by the U.S., and places China 85th out of 101 economies included in an International Monetary Fund (IMF)  survey.  - Source: goldalert.com