Live updates: Ether leads crypto higher. China's gold imports surge
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- China imported approximately 173 tonnes of gold in June, the highest level since March 2024 and a third straight monthly increase.
- Retail investors are steadily accumulating gold through small, incremental purchases via bank-led savings plans, broadening demand beyond institutions.
- China maintains a strict ban on trading and mining of cryptocurrencies and stablecoins, citing the need to prevent capital flight and financial fraud.
- The gold build-up continues even as the U.S. and other advanced economies move to integrate crypto and blockchain into mainstream finance.
- June's customs data marks China's largest monthly gold import since March 2024, underscoring sustained rather than one-off demand.
Why it matters: China imported 173 tonnes of gold in June — its third straight monthly gain and highest since March 2024 — while banning cryptocurrency trading outright. By enabling retail gold accumulation through bank-led savings plans while shutting out digital assets, Beijing is directing household savings into a state-aligned, non-dollar store of value, diverging from Western financial integration with crypto and blockchain.
