The firm began disposing mining assets last year, as prices for most commodities began a downward trend and U.S. regulators increased pressure on banks to get out of risky businesses.
As Western central banks continue their manipulation of the gold price in order to prop up flagging fiat currencies, two of the world's largest bullion hoarders are fashioning their own gold market which will function outside the dollar system.
Amid a currency and credibility crisis The People's Bank opts for transparency by updating its official gold purchases – only the second time since 2009.