For the past five months, China’s central bank has been increasing its gold reserves while simultaneously decreasing its holdings of U.S. bonds. Industry experts believe that this move is in anticipation of future sanctions that China may face.
According to data recently released by China’s State Administration of Foreign Exchange and reported by financial news outlet Caixin, in the three years between September 2019 and October 2022, China’s gold reserves remained unchanged.
Starting in late 2022, however, China began bulking up its gold reserves. Between November 2022 and March of this year, China accumulated 3.86 million ounces (about 120 tons) of gold.
Moreover, from the end of February to the end of March, the country’s gold reserves increased by 580,000 ounces (18 tons) to reach 66.5 million ounces (2,078 tons)….