How China is fortifying its economy for war with the West

The People’s Bank of China bought 27 tonnes of gold in the first three months of this year, taking its total reserves to 2,262 tonnes, its largest ever. It has now been buying gold for 17 months in a row, its longest streak since at least 2000, bolstering its reserves by 16pc. That this spree has taken place at a time when prices have been at a record high, shows a degree of urgency, says Jonathan Eyal, associate director at the Royal United Services Institute (RUSI).