reserves: As investors are buying into gold, central banks of more than 30 countries including China and Russia have also increased their gold holdings, according to Global Times China. According to the latest statistics, by the end of August, China's gold reserves reached 62.45 million ounces, with a market value of about 95.5 billion. Thus far this year, the spot gold price is up by more than 20 percent, and is the most popular safe-haven asset in 2019. August also marked the ninth consecutive month that China increased its gold reserves. Some believe that China's increase in its gold reserves and the rising ratio of gold reserves to its foreign exchange reserves represents its efforts to diversify international reserve assets. After experiencing unprecedented monetary easing, asset prices have already risen to a very dangerous level.
(news.financializer.com). As
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