China buys gold and gets rid of dollar dependence


Against the background of the ongoing trade war between the United States and China, the Chinese authorities are stepping up measures to reduce dollar dependence. People's Bank of China has been buying gold for seven months in a row. In June, its gold reserves reached 61.94 million ounces, an increase from the May figure of 61.61 million ounces. Reserves in June increased by 10.3 tons from 74 tons in the previous 6 months. The tensions that remain in trade relations with the United States have led to the fact that the Chinese authorities began to build up an asset that remains independent in any situation - gold can always be sold, and a barter agreement can be concluded. Analysts expect a continuation of the increase in gold reserves of China, the volume of which does not yet reach the reserves of the United States and Germany. Last month, the value of China’s gold reserves rose at the fastest pace in the last 4 years.

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