China's economy is in a funk, and people are rushing out to buy gold as a safe-haven asset to hedge against economic uncertainties, sending precious metal prices to record highs. The country's central bank has also gotten into the act. Official data released on Tuesday revealed that the central bank added a substantial 60,000 troy ounces of gold to its stash in April alone, marking the 18th consecutive month of such acquisitions.
Meanwhile, amidst China's economic challenges, the value of the Chinese yuan has been subject to fluctuations against the US dollar. Year-to-date, the yuan has experienced a 1.6% decline relative to the dollar, with a more significant 4% drop observed over the past 12 months. This downward trajectory extends even further, with the yuan depreciating by approximately 12% against the greenback since the beginning of 2022.
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Jim Rogers - Currency Turmoil Ahead
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