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China's $170 billion gold rush triggers Taiwan invasion fears
By Melissa Lawford
The Telegraph, London
Tuesday, April 30, 2024
China has built up a $170 billion stockpile of gold after a record buying spree, in a move that has raised fears Beijing is preparing its economy for a possible conflict over Taiwan.
The People's Bank of China bought 27 tonnes of gold in the first three months of the year, taking its reserves to a record high of 2,262 tonnes, according to data from the World Gold Council.
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China has now been buying gold steadily since October 2022, marking its longest buildup of the precious metal since at least 2000. The 17-month streak has increased its gold reserves by 16%.
Gold is trading near a record high of $2,343 per troy ounce, valuing Beijing's stockpile at $170.4 billion.
Experts said China's stockpiling was likely an effort to guard its economy against Western sanctions in the event of a conflict over Taiwan. ...
... For the remainder of the report:
https://www.telegraph.co.uk/business/2024/04/30/china-launches-gold-buying-spree-amid-fears-o/
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