China is stockpiling gold like there’s no tomorrow

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: – Befektetés by

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