The Central Bank launched its gold-buying spree in October 2022, accumulating hundreds of tonnes of the precious metal in the past 18 months
China is buying up gold at record rates in a move experts claim could mean it is preparing to safeguard its economy against Western sanctions ahead of a possible invasion of Taiwan .
The concerted effort to invest in the historically stable asset while dropping huge amounts of US debt has led analysts to suggest China is seeking to reduce its dependency on the American dollar, which in turn would mitigate the impact of any Western-imposed economic sanctions. Taiwan on Saturday reported renewed Chinese military activity near the island, with 12 aircraft crossing the sensitive median line of the Taiwan Strait just one day after US Secretary of State Antony Blinken left Beijing following a tense diplomatic visit.
China says it does not recognise the line's existence, and President Xi Jinping has openly stated his desire to 'reunify' Taiwan with the mainland, by force if necessary. He added: 'Countries have recognised that the gold that Russia holds, because it's outside of anybody else's control, is useful in situations where you might not be able to access any other reserves.'
China's threatening rhetoric toward Taiwan and increased tensions in the South China Sea with US allies in the region, particularly the Philippines, is just one of several points of contention between Beijing and Washington. 'Should China and the United States keep to the right direction of moving forward with stability or return to a downward spiral?' he asked rhetorically.
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