http://www.reuters.com/article/marketsNews/idUSN2438948420090424
NEW YORK, April 24 (Reuters) - China's confirmation that its gold holdings have risen to 1,054 tonnes was not surprising given the broad rise in all the country's reserves, John Lipsky, first deputy managing director of the International Monetary Fund, said on Friday.
"Not so surprising considering the very rapid increase in the overall level of Chinese external reserves, that it probably increased its holdings of all forms of reserves," Lipsky said when asked whether China would be in the market to buy 403 tonnes of gold owned by the IMF.
The IMF last year approved the sale of 403 tonnes of gold from its stocks of 3,217 tonnes (103.4 million ounces) as part of a plan to put its finances on a sounder footing and create an endowment with the proceeds.
China revealed on Friday it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes, confirming years of speculation it had been buying. [ID:nPEK307477]
Selling IMF gold requires ratification by the legislatures of member countries, including the U.S. Congress, a process that is expected to take at least several months. (Reporting by Frank Tang and Lesley Wroughton; Editing by Walter Bagley)
NEW YORK, April 24 (Reuters) - China's confirmation that its gold holdings have risen to 1,054 tonnes was not surprising given the broad rise in all the country's reserves, John Lipsky, first deputy managing director of the International Monetary Fund, said on Friday.
"Not so surprising considering the very rapid increase in the overall level of Chinese external reserves, that it probably increased its holdings of all forms of reserves," Lipsky said when asked whether China would be in the market to buy 403 tonnes of gold owned by the IMF.
The IMF last year approved the sale of 403 tonnes of gold from its stocks of 3,217 tonnes (103.4 million ounces) as part of a plan to put its finances on a sounder footing and create an endowment with the proceeds.
China revealed on Friday it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes, confirming years of speculation it had been buying. [ID:nPEK307477]
Selling IMF gold requires ratification by the legislatures of member countries, including the U.S. Congress, a process that is expected to take at least several months. (Reporting by Frank Tang and Lesley Wroughton; Editing by Walter Bagley)