Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12450
Markets: 96130
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12450
Cryptocurrencies
55.82%
Bitcoin Share
Cryptopolitan 2025-01-07 12:20:37

China is stacking up gold after devaluing its currency

China is stacking up gold after devaluing its currency

China’s got a plan, and it involves a mountain of gold and a weaker yuan. The People’s Bank of China (PBOC) has been on a buying spree, adding to its gold reserves for the second straight month in December. According to official data , the PBOC now holds 73.29 million fine troy ounces of gold, up from 72.96 million in November. This comes after a six-month pause in gold purchases. The precious metal’s prices shot through the roof last year, thanks to US monetary easing and safe-haven demand, peaking in a record-breaking rally. But the election of Donald Trump gave the dollar a boost, cooling gold’s momentum. Gold prices steady, but the market is uneasy Gold’s not cheap, as we all know. The metal is holding near $2,634 an ounce, a slight dip after two days of losses. Traders are watching every move, trying to predict what comes next. The uncertainty around Trump’s trade policies adds to the chaos. On one side, US Treasury yields are climbing, hitting their highest since May. On the other, the dollar has been taking a hit, falling 0.6% earlier this week. For gold, it’s a tug-of-war—higher yields usually drag it down, but a weaker dollar props it up. Meanwhile, hedge funds aren’t as bullish as they used to be. Bullish bets on gold have dropped to their lowest point in six months, based on Commodity Futures Trading Commission data. And if that’s not enough to shake things up, Goldman Sachs just delayed its much-hyped prediction that gold would hit $3,000 an ounce. They’re now calling for mid-2026 instead, thanks to fewer expected Federal Reserve rate cuts. It’s not just gold though. Silver, palladium, and platinum are all in limbo too. The yuan’s slide: China’s quiet strategy While stacking gold, China’s also letting its currency take a hit. The yuan broke past 7.3 per dollar in December, its weakest since late 2023. It’s a big deal. The PBOC had been holding the line on the yuan for weeks, keeping it stable despite mounting economic stress. But this recent slide suggests Beijing is loosening its grip, letting the currency fall to ease growth pressures. The markets reacted fast. The onshore yuan fell as much as 0.3%, hitting 7.3190 before clawing back slightly. If it drops past 7.3510, the yuan would sink to levels last seen in 2007. The effect is already hitting other currencies. Taiwan’s dollar is at its weakest since 2016, and South Korea’s won isn’t faring much better. But here’s where it gets interesting. Chinese state banks, usually the PBOC’s go-to defense, briefly stopped selling dollars at the 7.3 mark. This gave traders the green light to push the yuan even lower. The banks later stepped back in around 7.31, showing Beijing isn’t ready to let the currency slide unchecked. From Zero to Web3 Pro: Your 90-Day Career Launch Plan

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
55.82%
Bitcoin Share
694
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.