Loading ...Russia buys gold from China
Russia » Economics
Russia buys gold from China. Most likely, Russia spent $80 billion of profit received from the sale of US Treasuries to purchase gold from China, Chinese news agencies report.
The Russian government has been taking measures to decrease the dependence of the Russian economy on the United States by disposing of US debt obligations and accumulating gold reserves. At the same time, Russia has become the largest buyer of gold from the Central Bank of China, the Phoenix newspaper wrote.
“The yuan share in gold and foreign exchange reserves of the Central Bank of Russia has nearly tripled and neared the Canadian dollar, while gold and currency of the PRC constitute one-fifth of all reserve assets of the Central Bank,” the newspaper said.
However, according to the Nezavisimaya Gazeta newspaper, sources at Russian financial circles found the allegations in Chinese media strange. According to unnamed sources, it would be strange for Russia to purchase gold for dollars when it is possible to buy gold for rubles. In addition, China has also been ranked as a major buyer of gold even though the Chinese authorities do not disclose the information about the amount of the nation’s gold reserves.
See more at http://www.pravdareport.com/news/russia/economics/06- 09-2018/141543-russia_gold-0/
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India getting rid of US Treasury securities and buying gold
Published time: 6 Sep, 2018 10:38
The world’s second biggest gold consumer continues to replenish its bullion reserves, a Reserve Bank of India (RBI) report shows. At the same time, New Delhi is slowly but surely reducing its share of US debt bonds.
The annual report from the Indian financial regulator reveals that the country followed other BRICS partners in adding physical gold to its foreign exchange reserves. The RBI reportedly bought 8.46 metric tons of gold during the last fiscal year ending in March.