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163

China is hoarding the world's gold (www.newsweek.com)

submitted 1 year ago by throws_lemy@lemmy.nz to c/world@lemmy.world

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[–] autotldr@lemmings.world 2 points 1 year ago

This is the best summary I could come up with:

Despite China being the largest producer of gold in the world, its central bank has been at the forefront of a surge in purchases of the precious metal on the international market as it seeks to reduce its reliance on the dollar.

While the full extent of China's holdings and purchases are opaque to international observers, experts say the increase in interest in gold is part of a broader move away from dollar-based assets that has been taking place for a while, at a time of financial and geopolitical volatility.

Rather than seeking to influence the U.S. economy, they say, China's gold rush could be an attempt to shore up its fiscal position with a stable and highly saleable asset as bond markets suffer and its relations with Western nations sour.

Since the spy balloon incident, questions have been raised of land purchases near U.S. Air Force bases, while it has been accused of stealing American agricultural technology and intellectual property.

In order to combat post-pandemic inflation, many central banks have raised interest rates, which have in turn affected government bond yields that drive down the return on such investments.

"Contrary to widespread perception, if China buys fewer U.S. assets, this will not hurt the U.S.," Michael Pettis, a professor of finance at Peking University's Guanghua School of Management, told Newsweek.

The original article contains 1,027 words, the summary contains 221 words. Saved 78%. I'm a bot and I'm open source!

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