China buys 23 tonnes of gold in July, analysts say PBOC is just getting started PBOC China gold
- China continues to put the world on notice that it intends to challenge the U.S. dollar's role as a reserve currency after the nation's central bank bought more gold in July, pushing its current shopping spree to nine consecutive months.
"When you buy gold, it's a direct vote against the U.S. dollar," said Willem Middelkoop, creator of the Commodity Discovery Fund."China is sending a message to the White House that they don't support the global financial system backed by the U.S. dollar." Polleit added that as aggressive as China has been in the last nine months, the central bank still has a long road ahead.
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