Media: China began to actively prepare for US sanctions
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The Epoch Times: China boosts gold reserves to prepare for US sanctions
China’s central bank has been increasing gold reserves and reducing US bond holdings for the past five months. This may indicate that China is preparing for the fact that the United States will impose sanctions against it, writes The Epoch Times.
According to the State Monetary Administration of China, from September 2019 to October 2022, China’s gold reserves remained virtually unchanged. And from November 2022 to March 2023, Beijing purchased 3.86 million ounces (about 120 tons) of gold.
China’s gold reserves now rank sixth in the world. China is also selling US government bonds. At the end of January, China owned $859.4 billion worth of US bonds.
Experts believe that China is preparing to impose sanctions against it. Beijing also fears exclusion from the global dollar payment system.
US Treasury Secretary Janet Yellen had previously threatened Beijing with sanctions. At the same time, she noted that the United States does not seek a complete economic disengagement from China, as this would be a disaster for both countries.
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