US military officials warn that China intends to have the military capability to invade Taiwan by 2027. Photo: Jia Fangwen/VCG via Getty Images
China has amassed $170bn (£135bn) in gold reserves after a record buying boom, raising fears Beijing is preparing its economy for a possible conflict over Taiwan.< /p>
People's Bank According to the World Gold Council, China (PBOC) bought 27 tons of gold in the first three months of the year, bringing its reserves to a record high of 2,262 tons.
China now time has been steadily buying gold since October 2022, marking the longest accumulation of the precious metal since at least 2000. Over the 17-month period, gold reserves increased by 16%.
Gold is currently trading near record levels. Beijing's reserves are estimated at $2,343 per troy ounce, which corresponds to Beijing's reserves estimate of $170.4 billion.< /p>
Experts say China's stockpiling is likely an attempt to protect its economy from Western sanctions in the event of a conflict over Taiwan.
Recent Comments