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According to Bloomberg on May 7th, against the backdrop of escalating geopolitical and economic risks, central banks around the world are expanding their gold holdings, and China has increased its gold reserves for the sixth consecutive month, continuing a wave of buying. Data released by China's State Administration of Foreign Exchange on May 7th showed that China added about tons of gold reserves in April. China's total gold reserves now amount to approximately 2,076 tons. It is reported that central banks around the world have purchased large amounts of gold in the past year to achieve asset diversification and prevent their foreign exchange reserves from being impacted by the depreciation of the US dollar and uncontrollable inflation. According to the World Gold Council's statistics, there was significant growth in central bank gold reserves in the fourth and third quarters of 2022, and healthy growth in gold reserves in the first quarter of this year, with global reserves increasing by 228 tons, the highest since the first quarter of 2013 (171 tons, up 34% from the previous quarter). Some developed country central banks have begun to join the ranks of increasing reserves, with Singapore's central bank leading the way with an increase of 68 tons, followed by China's central bank with an increase of 58 tons, and Turkey ranking third, India fourth, the European Central Bank fifth, and the Czech Republic and the Philippines following closely. Behind this trend, more and more countries are worried about the risks of over-reliance on the US dollar and are accelerating the diversification of their foreign exchange reserve assets. After all, last year's significant interest rate hike by the Federal Reserve caused the US dollar to soar, resulting in a sharp drop in the value of non-US dollar-denominated assets in many countries' foreign exchange reserves, leading to a significant decline in their foreign exchange reserve valuations and a sharp depreciation of their currencies. 💯TOP 3 Video Swiss Sells $36.4 billion U.S. Treasuries ▶ Africa Rejects US' Blank Check ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn't Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel's Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel's Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.
