China stockpiling gold

China has increased its gold reserves by 76% since 2003, said Hu Xiaolian, a vice president of People's Bank of China and the administrator of the State Administration of Foreign Exchange, on Friday.

She told Xinhua, a state-owned Chinese daily, that China's gold reserves had reached 1,054 tonnes by the end of 2008. This means that China increased its gold holdings by 454 tonnes from 600 tonnes in 2003, the last time the country reported on its gold reserves. Prior to that, the country increas