China increased its gold reserves for the sixth consecutive month in April to 66.76 million ounces (1,893 tons) amid a global financial panic triggered by aggressive US interest rate hikes on top of its ongoing banking crisis.
A key meeting held Friday by the top decision-making body for China s financial affairs has called for speeding up the construction of the country s modern industrial system backed by the real economy and advancing Chinese modernization with support from high-quality development of the population.
A possible US default, which may take place as early as June in what would be a first in the country’s history, will severely damage already shattered US credit and financial system, while push more international investors to shift to other countries’ assets, experts said.