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 following table, courtesy of the World Gold Council, shows the 19 main owners of gold, as well as their foreign exchange reserves and their percentage of allocation to gold. By comparison, the official gold reserves of Germany, France and Italy represent between 60 and 70% of the total reserve assets of those countries. We placed the steel boxes with gold on the deck in the center of the plane, each of which was arranged as a large single bed, and twenty or thirty single beds throughout the cabin. After the outbreak of the war, the gold stored in France was sent to Dakar, the capital of Senegal, which was then part of the French colonial empire.
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. It wasn't long before the BOC London branch contacted several professional escorts to transport the gold to the Bank of England vault. What's more, declaring so much gold would be a direct challenge to US supremacy, something that China is probably not yet ready for. The opinions expressed on Voima Insight are those of the authors and do not necessarily reflect the official opinions or positions of Voima Gold.
According to bullion banks and consulting sources, the PBoC monetizes its purchases of gold into monetary gold before importing it to China. A London gold market source has indicated that China's official gold reserves are stored in vaults in Beijing. China's official gold reserves are owned by the People's Republic of China (PRC) and are held by the People's Bank of China (PBoC). A member of the Treasury Department used a steel hook to move each package, a black steel box the size of a shoebox, tied by steel bars, containing two pieces of pure gold weighing about 25 kilograms, to the trucks one by one.
In the early 2000s, China's foreign exchange reserves increased significantly, completely eliminating the need to store gold in London or New York. After the Germans occupied Belgium and France in 1940, they demanded the Belgian gold reserve located in Senegal. The Bank of France fully compensated the National Bank of Belgium for the loss of its gold after the war. This would also suggest that large gold ingots from Rand Refinery and Swiss ingot brands, such as PAMP, could be among the PBoC's gold reserves.
