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US Silicon Valley Bank declared bankruptcy, and China increased its holdings of gold by another 65.92 million ounces

On March 10, the United States experienced its first bank failure in 15 years, with $210 billion assets of Silicon Valley Bank formally declared bankruptcy, this is the 18th largest  Bank in the United States. As the matter stands, Citibank, JP Morgan, Bank of America and Wells Fargo, the four biggest bank of America has been affected. In just two days, market value lost more than $50 billion USD. Not only that, but some U. S. banks hit another record low, briefly breaking their lowest level since 2001, and Philadelphia Bank fell nearly 16% this week.


China has increased its holdings of gold to 65.92 million ounces by the end of February, and increased another 800,000 ounces with foreign exchange reserves down by $51.3 billion to less than $3.2 billion USD, according to a report released at the end of January. Not only that, this is our country's fourth month of consecutive increased gold holdings.

As the economist, WenBin, said, the United States still exist inflation pressure and market interest rates are closely linked, the present with the weakening trend of dollar prospects, greatly increased the uncertainty of the global economy. In the future for a period of time, including China, the global central bank will continue to increase gold, to avoid possible risks.