China Adds Gold to Reserves for Seventh Month in May
Waleed Farouk
The People's Bank of China (PBoC) announced a fresh addition to its gold reserves in May, marking the seventh consecutive month of expansion. According to Krishan Gopaul, senior analyst at the World Gold Council for EMEA, China added approximately 2 metric tons during the month, pushing total net purchases for 2024 to 17 tons and lifting overall holdings to 2,296 tons.
Despite the increase in physical reserves, the value of China's gold holdings dipped to $241.99 billion by the end of May, compared to $243.59 billion in April. The decline comes after gold prices hit a record high above $3,500 per ounce in April, temporarily boosting the reserve's valuation.
Last year, the PBoC paused gold acquisitions for six months following an 18-month buying spree. It resumed purchases in November, shortly after Donald Trump's win in the U.S. presidential election.
China Opens Gold Futures to Foreign Investors
In a strategic move to deepen its role in global gold markets, the Shanghai Futures Exchange unveiled a plan on May 27 to allow direct access for foreign investors and brokers. The initiative outlines 34 proposals covering derivatives trading in gold and silver, hedging, and precious metals futures.
Key reforms include permitting foreign participants to trade without local intermediaries and to post margin in major foreign currencies like the U.S. dollar. Public feedback on the proposals is open until June 4.
This opening aligns with China's broader strategy to internationalize the renminbi and boost its influence in commodity pricing. On April 21, a coalition of four Chinese government entities, including the central bank, launched a plan to globalize the Shanghai Gold Exchange. The initiative includes establishing offshore delivery warehouses, aiming to rival the London Metal Exchange in price-setting.
While specific products under the global expansion remain unspecified, the Shanghai Gold Exchange primarily focuses on gold, silver, and platinum trading.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
2 hours ago
- Daily News Egypt
External debt of budget sector falls by $2bn in 10 months: Finance Minister
Finance Minister Ahmed Kouchouk announced that Egypt's external debt related to the budget sector declined by $2bn over the 10-month period from July 2024 to May 2025. He attributed this development to the return of foreign investor confidence, which also contributed to an extension in the average debt maturity to 1.8 years as of December 2024. In a statement issued on Wednesday, Kouchouk noted that Egypt's economic outlook is improving, underpinned by robust private sector activity, which accounted for 60% of total investments during the same period. He highlighted that Egypt achieved its highest primary budget surplus since 2005, reaching 3.1% between July 2024 and May 2025, despite headwinds including a drop in Suez Canal revenues and increased energy sector spending. Despite losing EGP 110bn in Suez Canal revenues and allocating an additional EGP 150bn to support the energy sector, the government remains committed to meeting its fiscal targets, Kouchouk said. He reported a 38% year-on-year increase in tax revenues—Egypt's highest in years—achieved without introducing new tax burdens. Key sectors such as tourism, non-oil manufacturing, and ICT witnessed strong growth during the first half of the fiscal year. On the expenditure side, Kouchouk noted that government spending on health rose by 27% and on education by 23% over the past ten months. The state allocated EGP 95bn for food subsidies—a 37% annual increase—and EGP 30bn for the 'Takaful and Karama' social protection programme, up 24% year-on-year. He added that EGP 11bn was spent on medical treatment at the state's expense, marking a 35% increase, while support for industrial production surged by 128% to EGP 8bn. Exporters also received around EGP 15bn in government support. Kouchouk further pointed to a rise in remittances from Egyptians abroad, which climbed to $26.4bn between July 2024 and March 2025—an increase of 7.82% compared to the previous year.
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
EGX Issues Warning to Listed Companies Over Non-Compliance with E-Voting Requirements
Taarek Refaat The Egyptian Stock Exchange (EGX) has issued a formal warning to several listed companies for failing to comply with regulations mandating the facilitation of electronic participation and voting in general assembly meetings. In a disclosure published on the EGX trading screens earlier today, the Listing Committee cited violations of a key provision in the Securities Listing and Delisting Rules, which requires listed entities to implement digital systems that allow shareholders to remotely attend and vote during general assemblies. The committee has given the concerned companies a 15-day deadline from the date of notification to submit a detailed plan outlining measures to ensure full compliance with the e-voting requirement. These measures must be in place before the next general assembly meeting convenes. The EGX emphasized that such violations must not be repeated, reaffirming its commitment to digital transformation, corporate transparency, and the protection of shareholder rights. Enabling remote participation is seen as a critical step in broadening shareholder engagement and ensuring equitable access to corporate governance processes. The move comes as part of Egypt's broader efforts to modernize capital markets infrastructure and align corporate practices with international standards. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
7 hours ago
- See - Sada Elbalad
Egypt Highlights Path to Sustainable Peace in Africa at Oslo Forum
Taarek Refaat Egypt's Minister of Foreign Affairs and Immigration Badr Abdel Ati participated on Wednesday in a high-level session on achieving peace in Africa, held as part of the annual Oslo Forum, a key platform for international dialogue on conflict mediation and peacebuilding. During the session, Abdel Ati underscored Egypt's central role in promoting security and stability across the African continent, reaffirming Cairo's long-standing commitment to supporting the African Union (AU) as the principal framework for advancing peace and development in African states. Addressing an audience of diplomats, mediators, and policymakers, the minister discussed the complex, interlinked challenges facing Africa — including conflict, poverty, and underdevelopment. He emphasized the need for a comprehensive approach that incorporates social, economic, and developmental strategies to build lasting peace. 'African solutions must be holistic,' he said, 'integrating the economic drivers of conflict with long-term development planning, and grounded in the realities of each country.' Abdel Ati also highlighted the continent's significant potential, citing its dynamic youth population and expansive investment opportunities, particularly in infrastructure. He called for greater international cooperation to harness these assets in ways that promote sustainable growth and integration across African nations. In his concluding remarks, the minister stressed that while short-term interventions are important, Africa requires a long-term vision rooted in African leadership, equitable global partnerships, and development strategies that align with the continent's unique needs and aspirations. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
