World Gold Council says diversification driving China’s growing reserves

By Julie Zhang and Yeon Woo Lee – South China Morning Post

China is expected to keep adding to its gold reserves as central banks in emerging markets turn to the precious metal to diversify their reserve assets, the World Gold Council said.

“We expect central banks, including China’s, to continue increasing gold holdings, though the pace may vary,” Joe Cavatoni, the council’s senior market strategist and head of public policy, said this week.