People’s Bank of China reported on Wednesday that China kept buying gold for the sixteenth month in a row. The move is part of Beijing’s plan to diversify its assets and protect against global economic ups and downs.
The central bank’s gold holdings rose to about 74.22 million ounces after it bought roughly 30,000 more ounces in February, keeping China among the world’s top government buyers of gold.
Since October 2024, China has purchased about 1.42 million ounces of gold, showing a clear strategy to rely less on foreign currencies, especially amid ongoing geopolitical tensions and disruptions in trade and energy.
Experts say this steady gold buying is Beijing’s way of protecting its financial stability and fighting global inflation, which also helps keep gold prices high in world markets.
