by Martin Armstrong
Armstrong Economics
ASIA:
China continues to flex its muscles in the gold market after data from the People’s Bank of China shows that it bought more gold in January, the third straight month. China’s central bank bought 15 tonnes of gold last month; this follows 32 tonnes of gold bought in December and 30 tonnes bought in November. Analysts expect China to continue to buy gold through 2023 as it looks to add international credibility and stability to the yuan and challenge the U.S. dollar as the world’s reserve currency. Last year China started urging Middle Eastern countries to accept yuan for oil. China is the world’s largest oil importer.