China’s gold reserves increased for the sixth month in April. This time, the precious metal stock increased by 8.09 tons, and thus the total reserve is about 2,076 tons, writes the Bloomberg.
Central banks are increasing their gold reserves to diversify assets and protect reserves against inflation and a weakening dollar, with Singapore, China and Turkey among the biggest buyers in the first quarter of 2023, according to the World Gold Council. Geopolitical tensions arising from Sino-US relations have also increased the appeal of gold as a safe haven.
According to the data, China’s foreign exchange reserves rose to 3,204.8 billion dollars at the end of April, so the value of the stock is 20.9 billion dollars higher than the previous month. According to the foreign exchange authority, the increase in foreign exchange reserves is due to the depreciation of the US dollar and the rise in global financial asset prices.
China’s latest buying spree, which began in November 2022, is the first since a 10-month streak that ended in September 2019. The most recent wave of inflows ended in late 2016.
Cover image: Shutterstock.
Source: Portfolio.hu – Befektetés by www.portfolio.hu.
*The article has been translated based on the content of Portfolio.hu – Befektetés by www.portfolio.hu. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!