China's Gold Reserves Exceed 72 Million Ounces
China's gold reserves increased to 72,74 million ounces (2 billion 262 million tons) as of the end of March. According to the statement of the People's Bank of China, the gold reserve, which has increased for 17 consecutive months, increased by 160 thousand ounces in this month. In this context, attention is drawn to China's efforts to optimize and diversify its foreign exchange reserves.
Observers and experts attribute the increase in gold assets to the central bank's confidence in this traditional asset and the importance it attaches to financial security in the increasingly uncertain environment of world markets.
As a matter of fact, according to Xi Junyang, a professor of Finance and Economics at Shanghai University, the main reason for China to increase its gold holdings is the unreliability of international currencies. Moreover, as the professor emphasizes, the exchange value of the US dollar constantly fluctuates and this affects economies dependent on foreign currency.
Source: https://raillynews.com