China’s National Gold Reserves Increase by 18 Tons in March
China Continues Gold-Buying Spree with Additional 18 Tons Purchased in March
China’s gold reserves have increased by an additional 18 tons in March, according to reports from the People’s Bank of China (PBOC). The bank has been on a gold-buying spree for the past five months, purchasing more than 100 tons in total, bringing the nation’s total gold reserves to 2,068 tons. Central banks worldwide have been acquiring large amounts of gold in recent years, with last year seeing record-breaking gold purchases. Experts predict that gold prices will rise in the coming years, citing macroeconomic headwinds and central banks shedding foreign currency reserves and running to gold as reasons for the trend. Some economists suggest that China may be preparing for the issuance of a gold-backed currency to reduce its reliance on the U.S. dollar, potentially presenting such a currency at the upcoming BRICS summit in August.
Clever Robot News Desk 11st April 2023