China short-term gold additions unlikely - GFMS

The People's Bank of China is very unlikely to increase its gold reserves in the short-term but in the medium- to long-term there is "excellent scope" for gold purchases by the central bank, metals consultancy GFMS said on Wednesday 12 April.

Gold currently accounts for only 1.2% of China's total reserves.

"In the short-term there's no scope for Chinese gold purchases as they don't want to rock the boat with the U.S. It is also not in their interest to cause a selloff in the dollar," GFMS Execu