China's gold reserves hit record high

China's central bank expanded its gold reserves by 44.17 metric tons in 2024, bringing the total to a record-high 2,279.57 tons and making it the sixth-largest globally. In 2024, China's gold output was 377.24 tons, up 0.56 percent year-on-year, while gold consumption was 985.31 tons, down 9.58 percent year-on-year, data from the China Gold Association showed on Friday. In addition, gold production from imported raw materials was 156.864 tons in 2024, up 8.83 percent year-on-year. If this portion of gold output is included, total gold production nationwide was 534.106 tons, up 2.85 percent year-on-year.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 3 pips to 7.1705 against the US dollar on Friday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily