Why is China buying up gold?

China is increasing its gold reserves in a bid to reduce its dependence on US dollar assets and protect against financial and geopolitical risks, analysts say, while households are turning to the precious metal amid uncertainty over the domestic economy. The People’s Bank of China reported buying gold for a 23rd consecutive month in September, when the country’s central bank also made its largest monthly purchase in nearly three years. The sustained buying points to a longer-term effort to spread risk associated with its vast reserves, experts say. Among concerns is high US debt and Western governments’ freezing of assets, which has highlighted the inherent risk in holding money overseas, particularly for emerging market and Global South economies.