China Quietly Amasses Gold Reserves Amid Global Central Bank Shift

China's central bank has quietly acquired 'far more gold' than officially reported, according to market data. This follows a prediction made by current Treasury Secretary Scott Bessent in 2023 that China could develop a Renminbi backed by or exchangeable for gold to bypass the U.S. dollar system.

Gold hovers near $4,700 per ounce, and new analysis from Goldman Sachs and The Kobeissi Letter reveals that China acquired an estimated 88 tonnes of gold in May and June alone, significantly higher than official state figures.

This accumulation coincides with data showing China steadily liquidating its U.S. Treasury holdings down toward $633 billion while expanding its gold reserves.