China’s Gold reserves rises to highest since 2015
In addition to gold stocking, China sold a record sum of US debt amid a clear sign of diversification!
Tweet on China’s gold surge
Gold’s share in China’s reserves has risen to its highest since 2015.
Maneuver seen as a means of diversification away from US dollar assets#gold #china #usd #inflation pic.twitter.com/P8ZTYEL9Am— The_Journalbiz (@the_journalbiz) May 16, 2024
Bloomberg chart
China sold a record amount of Treasury and US agency bonds in the first quarter, highlighting the Asian nation’s move to diversify away from American assets as trade tensions persist.
Beijing offloaded a total of $53.3 billion of Treasuries and agency bonds combined in the first quarter, according to calculations based on the latest data from the US Department of the Treasury.
China’s investments in the US are garnering renewed investor attention amid signs that tensions between the world’s largest economies may worsen. President Joe Biden has unveiled sweeping tariff hikes on a range of Chinese imports, while his predecessor Donald Trump said he might impose a levy of more than 60% on Chinese goods if elected.
With China selling dollar assets, its holdings of gold have risen in the nation’s official reserves.
The share of the precious metal in the reserves climbed to 4.9% in April, the highest according to central bank data going back to 2015.
