The Bank of Russia and the people’s Bank of China discuss cooperation in the field of gold trading, told TASS first Deputy Chairman of the CBR Sergey Shvetsov during a visit to China.
“We (the Bank of Russia and the people’s Bank of China – ed.) discussed the gold trade. The BRICS (Brazil, Russia, India, China and South Africa) is a major economy with large reserves of gold and an impressive volume of production and consumption of the precious metal. In China gold trading is performed in Shanghai, and in Russia – in Moscow. Our idea is to create a link between these sites with the purpose of intensification of trade between our markets,” said Shvetsov.
China is the largest gold producer in the world for the eighth consecutive year. Last year the volume of gold produced in China reached 490 tonnes. The people’s Bank of China from 1 April 2015 will have the right to regulate export and imports of gold and products made from this precious metal.
Russia by the end of 2015 also is among three countries – leaders in production of gold, the volume of which last year amounted to 295 tons.
Totally on Russia and China account for 25% of world gold production.
The Central banks of Russia and China are the largest sovereign buyers of gold in the world.
Since the end of 2008, the year China’s gold reserves have nearly tripled – from 600 tons to tons 1762,3.
Russia, thanks to the active purchases of the Central Bank, increased its reserves of gold reserves by 2.7 times – up to 1415,5 tons.
Earlier it was reported that China is launching this week a private gold fixing. The first auction will be held in Shanghai. In the daily “gold” auctions, the results of which will be set the price of gold, in addition to 16 Chinese banks will participate and two foreign banks.
