China's gold reserves have surged by almost 60% since 2009

China Photos/Getty Images

China’s gold reserves have grown substantially over the past six years, according to China’s state-run newspaper the People’s Daily.

On Friday the PBOC released statistics showing the nation’s gold reserves had increased to 1,658 tonnes at the end of June. Compared to April 2009, the last occasion the PBOC made an official announcement on its gold reserves, this represents an 57.3% increase.

When the gold purchases were made, and at what prices, were not disclosed in the report.

According to Bloomberg the increase in reserves, some 604 tonnes, makes China the fifth-largest holder of gold globally behind only the US, Germany, Italy and France.

At an annual pace of around 100 tonnes per annum, the increase is also the second-largest seen behind Russia over the past six years.

From April 2009 through to June 2015 the spot price for gold jumped 32.4% in US dollar terms. However, having hit a high of $1,920.30 an ounce in September 2011, the price has now fallen by $750, or 39%.

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