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China frees possible $27 billion from insurers to buy gold
From Bloomberg News
via Yahoo News, Sunnyvale, California
Monday, February 10, 2025
A pilot program in China that allows insurers to buy gold for the first time could free up billions of dollars of investment in the metal, adding further impetus to a record-setting rally. Prices hit a fresh peak.
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Ten insurance firms -- including PICC Property & Casualty Co. and China Life Insurance Co., two of China's biggest -- will be able to invest as much as 1% of their assets in bullion, in a program that became effective last Friday. That would translate into a potential 200 billion yuan ($27.4 billion) of funds, Minsheng Securities Co. said in a note.
Gold has been one of the strongest performing commodities of the new year, as well as in 2024, with the metal hitting successive records. That extended uplift has been powered by the U.S. Federal Reserve cutting rates, and central-bank buying, including purchases from China. Donald Trump's second term as U.S. president has also added an extra driver, with traders scrambling to adjust to his disruptive moves on trade. ...
... For the remainder of the report:
https://finance.yahoo.com/news/china-frees-possible-27-billion-054250990.html
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