China has built up a $170bn (£135bn) stockpile of gold after a record buying spree, in a move that has raised fears Beijing is preparing its economy for a possible conflict over Taiwan. The People’s Bank of China (PBOC) bought 27 tonnes of gold in the first three months of the year, taking its reserves to a record high of 2,262 tonnes, according to data from the World Gold Council. China has now been buying gold steadily since October 2022, marking its longest build up of the precious metal since at least 2000. The 17-month streak has increased its gold reserves by 16pc. Gold is currently trading near a record high of $2,343 per troy ounce, valuing Beijing’s stockpile at $170.4bn. Experts said China’s stockpiling was likely an effort to guard its economy against Western sanctions in the event of a conflict over Taiwan. Jonathan Eyal, associate director at the Royal United Services Institute (RUSI), said: “The relentless purchases and the sheer quantity are clear signs that this is a political project which is prioritised by the leadership in Beijing because of what they see is a looming confrontation with the United States. “Of course it’s connected also to plans...