Why Chinese families are rushing to buy gold
China is experiencing a gold rush as families buy more of it, but not necessarily to wear as jewellery.
This websiteโs original language is English. For translation, click the globe icon or choose Translate in the menu.
3 matching records found
China is experiencing a gold rush as families buy more of it, but not necessarily to wear as jewellery.
Beijingโs gold purchases reflect a shift away from reliance on US dollar assets, experts say.
Perhaps no story illustrates the secret of Chinaโs industrial success better than its rise as the worldโs gold superpower. China has revered the metal for millennia, yet it has never had a gold-based economy. Its own deposits were simply too scarce. In 1975, as China began its economic modernisation, it desperately needed gold to fund reform and build up foreign reserves. Despite its best efforts, it produced a meagre 13.8 metric tons a year. South Africa, then the undisputed king of gold,...