Chinese President Xi JingpingReuters
China’s central bank added 23 tons of gold to its reserves in June, marking an eighth consecutive increase.
The country is stockpiling the safe-haven asset amid economic and geopolitical turmoil.
The turn to gold also chips away at the US dollar’s dominance, a traditional reserve currency.
China’s central bank extended its gold-buying spree into an eighth consecutive month, adding 23 tons in June.
Now, the People’s Bank of China holds 2,330 tons of gold in its reserves, according to official data cited by Bloomberg.
The gold stockpiling comes amid the country’s bid to erode the dollar’s global dominance as well as growing economic and geopolitical uneasiness.
Meanwhile, other central banks around the world are buying up gold too. In 2022, demand for the yellow metal skyrocketed, and the trend has continued into this year with first-quarter purchases up 176% annually.
Though the greenback has been a long-standing reserve asset, the shift away from it…
2023-07-07 17:46:26
Source from finance.yahoo.com
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