situation report

China: Beijing Added Nearly 100 Metric Tons to Its Gold Reserves Since December 2018, Report Says

1 MIN READSep 9, 2019 | 15:03 GMT

What Happened: The People's Bank of China has increased its gold reserves by almost 100 metric tons since December 2018, according to a Sept. 8 report by Bloomberg.

Why It Matters: The significant increase in gold holdings by the POBC comes amid falling global interest rates and China's ongoing trade war with the United States, both of which may have prompted Beijing to diversify its reserve holdings and hedge against potential future U.S. penalties.

Background: The price for gold has been rising by 18 percent since the start of the year as China, Russia and Turkey have increased their purchases of the metal to either diversify their reserves or seek alternatives to the U.S. dollar.

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