China Buys 290 Tonnes of Gold Over 17 Months, Imports Top 2,800 Tons

Apr 21, 2024, 07:36 PM

China has significantly increased its gold imports over the past two years, totaling over 2,800 tons, a figure that surpasses the total amount of metal backing global exchange-traded funds and represents about a third of the U.S. Federal Reserve's stockpiles. This surge in imports aligns with China's status as the world's largest gold producer. Additionally, the Chinese central bank has consistently expanded its gold reserves, purchasing approximately 290 tonnes since 2022, with more than 225 tonnes acquired in the last year alone, for 17 straight months. This trend underscores a broader pattern of increased gold acquisitions by central banks globally, indicating a shift in monetary policies. The imports include significant amounts of non-monetary gold.