China Continues To Hoard Gold To Safeguard Economy in Trade War

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1 months ago
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The People’s Bank of China announced that it is now in possession of 2,141 tons of gold bullion reserves in what analysts say is a proactive measure to protect its economy from the US-China trade war.

 

According to the PBC report, China’s gold reserves are now valued at $95.45 billion after going on a 99 ton gold buying spree from the start of this year.

 

Analyst believe the continuous gold buying spree comes in a effort to diversify its foreign exchange reserves and become less reliant on the US dollar as the US-China trade war continues to escalate.

China’s foreign exchange reserves, the largest in the world, now sit at the $3.1072 trillion mark.

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