The State Administration of abroad Exchange reported that at the end of April this year Chinese abroad reserves amounted to 3.2 trillion USD (about PLN 12.62 trillion), which means a decrease of $44.8 billion, or 1.38%, compared to the end of March. Among the data published by the administration, they draw attention to the gold reserves. On 30 April China held 72.8 million ounces of this aggregate. This means an increase of 60,000 ounces compared to the end of March. April was at the same time 18 months in a row in which Chinese gold reserves grew, and gold among China's authoritative reserves reached a evidence advanced level. The People's Bank of China (Chinese: 中国人民银行, People's Bank of China) has long been 1 of the largest gold buyers in the planet market, steadily expanding the resources of the aggregate since 2022.
In the opinion of financial sector experts, the expansion of gold reserves in China over the past 18 months has mainly influenced 3 factors:
Firstly, the situation in the global financial markets prompts China to accelerate the pace of diversification of the allocation of its reserves and gold may be the origin that can well defend assets from depreciation;
secondly, compared to developed countries, Chinese gold reserves represent a comparatively tiny percent of the full (4.64% at the end of March 2024), so there is inactive area for its purchases;
Thirdly, China is among the increasing group of countries that advance cross-border trade settlements in their own currencies and gold reserves stabilise the RMB rate and attract an expanding number of abroad counterparties to usage RMB in their trading accounts.
Total Chinese reserves (including gold and SDR) at the end of April amounted to USD 3.430 trillion (approx. PLN 13.53 trillion). The gold reserves themselves are valued at USD 167.96 billion (about PLN 662,29 billion).
Source:
- baijiahao.baidu.com;
- t.10jqka.com.cn;
- 163.com;
- safe.gov.cn;
Author: 梁安基 Andrzej Z. Liang,
Shanghai, China
Email: [email protected]
Editorial: Leszek B.
Email: [email protected]
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