China is pushing ahead with dedollarization, hoarding gold for a 10th straight month after slashing Treasury holdings to a 14-year low

China added 29 tons of gold to its reserves in August, marking the 10th straight monthly increase as it seeks to reduce reliance on the US dollar.
Over the last 10 months, China has added about 217 tons of gold to its reserves, which now total 2,165 tons.
China recently cut its holdings of US Treasuries to the lowest level since 2009, part of its push to erode the dollar's dominance.
Many central banks are increasing gold reserves, with 62% estimating the metal will make up a greater share of reserves in the next 5 years.
Countries like China aim to reduce reliance on the dollar for international trade and investments, but the greenback's share of payments recently hit a record high.

businessinsider.com

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