Bloomberg reports that China's stockpile of gold may be second in size only to the US:

  • The People's Bank of China may have tripled holdings of bullion since it last updated them in April 2009
  • To 3,510 metric tons (Bloomberg Intelligence, based on trade data, domestic output and China Gold Association figures)
  • Would be second only to the 8,133 tons in the U.S.
  • China may be preparing to update its disclosed holdings because policy makers are pressing to add the yuan to the International Monetary Fund's currency basket, known as the Special Drawing Right, which includes the dollar, euro, yen and British pound
  • The tally may come before the IMF's meetings on the SDR next month or in October, Nomura Holdings Inc. said in an April 8 report

An interesting item at Bloomberg; link