Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Sign in to follow this  

China launches dollar !!

Recommended Posts

12-03-2019 04:52 PM



China, the world's second largest economy, continues to work to increase gold reserves as part of a strategy to reduce dependence on the US dollar.

The Central Bank of China (PBOC) last February increased its precious metal reserves to 1874 tons or 60.26 million ounces in February, the data showed.

According to the data, the Chinese central bank has added about 32 tons of gold to its coffers in the past three months, including 10 tons bought in February.

Before last December, the Chinese central bank has not announced more than two years of any increase in gold reserves, where official figures remained unchanged from October 2016 to November 2018.

Commenting on Beijing's demand for gold, analysts said China, the world's sixth-largest gold reserves, is seeking to "diversify its reserves" away from the US currency.

The Chinese move comes at a time when central banks around the world are accumulating gold. Last year central banks added 651.5 tons of gold to their coffers, bringing the total reserves to 3,400 tons.

Experts predict that the precious metal will witness a high turnout in 2019 as a safe haven, given the uncertainties of global markets and trade wars between nations, especially between the United States and China, the world's two largest economies.

  • Thanks 3
  • Upvote 1

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Create New...

Important Information

By using this site, you agree to our Terms of Use.