People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold
Story by htan@insider*** (Huileng Tan) • 7h • 3 min read
In China, consumers are dealing with an economy that is struggling to recover post-pandemic and a weak yuan that has fallen about 5% against the US dollar over the last year. This makes gold — which, like most internationally-traded commodities, is denominated in the US dollar on the global market — even more expensive for the Chinese consumer. But consumers and China's central bank can't get enough gold.
