More than half of China's gold production is state-owned: the China National Gold Group. Since 2000, China has extracted approximately 6,830 tons. More than half of China's gold production is state-owned; only the China National Gold Group Corporation accounts for 20%. And China keeps the gold it mines; domestic mining production is not allowed to be exported.
The opinions expressed on Voima Insight are those of the authors and do not necessarily reflect the official opinions or positions of Voima Gold. Of course, the ideal would be to transfer the gold to this country or to the United States of America. It wasn't long before the BOC London branch contacted several professional escorts to transport the gold to the Bank of England vault. Therefore, either China's accumulation of gold reserves has a long way to go to even approach a significant level of diversification, or perhaps China has much larger official gold reserves than it reports and a level of gold holds greater than 2% of total reserves.
For most of history, a nation's gold reserves were considered its main financial asset and an important war prize. As with most things in the central bank gold market, information on China's gold reserves is highly confidential and the PBoC does not disclose where its official gold reserves are stored. The state-controlled Industrial and Commercial Bank of China (ICBC) has the Ministry of Finance and the Huijin Central Investment Company as majority shareholders. The purpose of the Voima blog is to provide objective, educational and interesting comments and is not intended to constitute an offer, request or invitation to invest in or market gold.
Several large Chinese commercial banks, such as ICBC, Bank of China, CCB, BoCom and ABC, are heavily involved in the Chinese gold market. A gold reserve is gold held by a national central bank, primarily intended to ensure the fulfillment of payment promises to depositors and banknote holders (e.g., since the People's Republic of China (PRC) is a centrally controlled and planned economy, it is quite possible that other entities controlled by the Chinese state will also accumulate gold reserves on behalf of the Chinese government and transfer this gold to the PBoC sporadic intervals or maintain their own separate gold reserves for future merger. Voima Gold reserves the right to withdraw permission to copy content from any or all websites at any time. The PBoC discreetly buys gold on the international market and transports it back to China, where it is said to be stored in vaults in Beijing, possibly under the protection of the Chinese military.
These gold reserves stand out for having quadrupled since the beginning of the 2000s, in the midst of much secrecy. A London gold market source has indicated that China's official gold reserves are stored in vaults in Beijing. According to bullion banks and consulting sources, the PBoC monetizes its purchases of gold into monetary gold before importing it to China.