Why is China buying up gold
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China is increasing its gold reserves to reduce dependence on US dollar assets and protect against financial and geopolitical risks, such as high US debt and Western asset freezes. The People’s Bank of China reported buying gold for a 23rd consecutive month in September, adding approximately 23 tonnes to bring its reported holdings to about 2,410 tonnes, which marks its largest monthly purchase since October 2023 and accounts for 8.5 percent of its total official reserves according to the World Gold Council. Meanwhile, private households in China are also turning to the precious metal to preserve their savings amid domestic economic uncertainty.
Continue in the app — vote & join in ➔Source: Al Jazeera English · via ahirlevel.hu