China boosts gold reserves to prepare for US sanctions

The Central Bank of China over the past five months, increased its gold reserves, while reducing the stock of US bonds.

According to data released by the State Monetary Administration of China, China's gold reserves remained unchanged from September 2019 to October 2022. At the same time, from November 2022 to March this year, China bought 3.86 million ounces (about 120 tons) of gold, Report informs, citing foreign media.

Now China's gold reserve is the sixth largest in the world. At the same time China is selling US government debt bonds. At the end of January 2023, Beijing had US bonds worth 859.4 billion dollars.

Experts believe that such actions could be taken in anticipation of future sanctions that may be imposed on China. It is noted that the authorities fear a possible exclusion from the global payment system in US dollars.