China’s Gold Reserves Climb by Another 100 Tonnes Amid Escalation of Trade War With US

11:05' PM - Monday, 09/09/2019

Earlier, market watchers reported that Chinese exports to the US had fallen by 16 percent year-on-year in August, while imports from the US sagged by over 22 percent in the same period. The slump came as the US slapped a 15 percent tariff on the remaining $300 billion-worth of goods imported from China, with the tax stepping into effect on September 1.

China’s gold reserves climbed by some 99.91 tonnes over the past nine months, with total gold reserves standing at 2,141 tonnes as of August 30, and foreign exchange reserves growing to $3.1 trillion, according to fresh figures from the People’s Bank of China released over the weekend.

Between July and August alone, the value of China’s gold hoard is said to have climbed by over $7.5 billion, from $87.87 to $95.45 billion, with the country buying 5.91 tonnes of the precious metal in the last month.

Earlier, market watchers reported that Chinese exports to the US had fallen by 16 percent year-on-year in August, while imports from the US sagged by over 22 percent in the same period. The slump came as the US slapped a 15 percent tariff on the remaining $300 billion-worth of goods imported from China, with the tax stepping into effect on September 1.

China’s gold reserves climbed by some 99.91 tonnes over the past nine months, with total gold reserves standing at 2,141 tonnes as of August 30, and foreign exchange reserves growing to $3.1 trillion, according to fresh figures from the People’s Bank of China released over the weekend.

Between July and August alone, the value of China’s gold hoard is said to have climbed by over $7.5 billion, from $87.87 to $95.45 billion, with the country buying 5.91 tonnes of the precious metal in the last month.

US-China Trade Spat Shows No Signs of Slowing

Earlier this week, economists calculated that trade between economic giants the US and China has seen faced a substantial decline over the past year, amid the continually escalating trade spat between the two countries. Last Friday, White House Chief Economic Advisor Larry Kudlow promised that “all topics” would “be on the table” at October’s trade talks amid growing economic concerns in both countries. The multi-trillion dollar trade war has helped cause a 17-year low in Chinese industrial growth in July, while CNN reported last week that US President Donald Trump had privately expressed fears about a recession hampering his chances at reelection in 2020.

New US anti-China trade tariffs went into effect on September 1, with the US placing a 15 percent import levy on $300 billion in Chinese goods –with US tariffs now accounting for virtually the entirety of Chinese products entering the country. The Trump administration began the trade conflict with China in May 2018, in a bid to rebuild the US industrial base amid what he said was Beijing’s “unfair” trade practices and currency manipulation. The tariff war escalated following several rounds of back and forth retaliations. - Sputnik News -

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