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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member China is on a <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> buying spree as it added 225 tonnes of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> to its reserves in 2023 alone, the latest data shows. China stockpiled 225 tonnes of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> worth a staggering $13.2 billion last year. The Communist country has been steadily accumulating <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> since 2022 purchasing millions worth of the precious metal every month. In December last month, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member China accumulated 9 tonnes of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> worth $532 million.</p>
 <p><strong>Also Read: Pakistan Must Never Be Allowed To Join <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Under Any Situation: India</strong></p>
 <p>Apart from China, the other BRICS countries India, Russia, and Brazil, are steadily purchasing gold. BRICS is officially the largest buyer of gold in 2023, outperforming every other country, reported the World Gold Council. Among the BRICS countries, China tops the list, while Russia and India, take second and third place, respectively. Read here to know how much gold the Central Banks have accumulated in a year.</p>
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 <h2 class="wp-block-heading" id="h-china-plans-brics-currency-to-be-backed-by-gold">China Plans BRICS Currency To Be Backed By Gold?</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp" alt="xi jinping china flags brics gold" class="wp-image-105787" srcset="https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 1024w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 300w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 768w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 1536w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 380w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 550w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 800w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 1160w, https://cdn.thebittimes.com/images/2024/01/11/979451cee2a1051a41bd534044e8dd1e.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: Reuters / Getty
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 <p>The reason why China is accumulating a staggering number of gold in its reserves remains unknown. While some speculate the move could be to diversify its reserves and be prepared for an upcoming recession, others claim it could be used to back the soon-to-be-released BRICS currency with gold.</p>
 <p><strong>Also Read: Oil Prices To Reach $110 per Barrel as Middle East Conflict Escalates</strong></p>
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 <p>China started the de-dollarization initiative last year convincing developing countries to ditch the US dollar. Read here to know how many sectors in the US will be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> ditches the dollar for trade.</p>
 <p>If <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> back their yet-to-be-released currency with <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>, it would provide the new tender strength in the currency markets. However, <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> can provide support only at the beginning and could derail the currency if the US dollar rises.</p>
 <p><strong>Also Read: BRICS: Russia &amp; Iran End SWIFT, Start Bank Transfers in Local Currency</strong></p>
 <p>The US dollar might be down in January but has several chances to bounce back in the coming weeks. Therefore, BRICS backing their new currency with gold is nothing but a recipe for disaster in the foreign exchange markets.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>china</li>
  <li>GOLD</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-china-buys-a-staggering-225-tonnes-of-gold-worth-13-2-billion-tbt76299.html">https://thebittimes.com/brics-china-buys-a-staggering-225-tonnes-of-gold-worth-13-2-billion-tbt76299.html</a></p>

BRICS: China Buys a Staggering 225 Tonnes of Gold Worth $13.2 Billion

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