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China may be secretly stockpiling gold. Why that spells trouble for the U.S. dollar
By Myra P. Saefong
MarketWatch, New York
Thursday, July 17, 2025
China's central bank has been buying physical gold to add to its reserves for at least the past three years -- and there's growing speculation that the country may be purchasing even more of the metal in secret as part of a strategy to reduce its reliance on the U.S. dollar.
The ramp-up in gold purchases by the People's Bank of China began back in 2022 when Russia invaded Ukraine, Jan Nieuwenhuijs, gold analyst at Money Metals, told MarketWatch.
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The West at the time froze Russia's foreign-exchange reserves -- the U.S. dollar and euro. That was the "moment the dollar was weaponized in a way never seen before, which scared foreign central banks and spurred them to buy record amounts of gold," he told MarketWatch.
In 2022 the PBoC reported the first increase in its gold reserves since September 2019, according to the World Gold Council. But that does not mean the central bank made no purchases of the precious metal for its reserve between those periods. That's because getting accurate data from China is widely known to be a challenge, as its government is known for its secrecy.
"Given how much gold it's buying, it's quite sensible for China to limit public disclosures where possible," said Stefan Gleason, president and chief executive at Money Metals. "After all, it's not in the interest of any bona-fide buyer to take actions that make its purchases more expensive than they need to be." ...
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