People's Bank of China reports

China Reduces US Treasury Holdings by $50 Billion, Increases Gold Reserves in March 2024

Jun 2, 2024, 12:38 PM

China continues to reduce its holdings of US Treasuries at a record pace, selling $50 billion in the last quarter and reducing its assets to $767.4 billion in March 2024. This marks a significant decline from $1.1 trillion in March 2021. Concurrently, China has been increasing its gold reserves, which have grown from 1,948 tonnes in March 2021 to 2,262 tonnes in March 2024. Officially, China buys $25 billion of gold per year. According to Bloomberg, this shift in China's asset allocation could lead to China holding more gold than US Treasuries by 2025.