China Ends Mystery of Gold Hoard to Top Russia’s Holdings
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China ended six years of mystery over how much gold it’s hoarding, revealing a 57 percent jump in reserves and overtaking Russia to become the country with the fifth-largest stash of the metal.
“The market has been speculating on the size of China’s gold reserves for years and the central bank has always been reticent until now,” Fu Peng, a portfolio manager at Lianzhan Global Macro Fund Management Co., said by phone from Beijing.