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China's gold reserves range by 2024?
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Resolution / Starting Odds
Less than 2,300 tonnes • 25%
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Reports from the People's Bank of China
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China Reduces US Treasury Holdings by $101.9 Billion, Increases Gold Reserves by March 2024
Jun 2, 2024, 01:36 PM
China has been significantly reducing its holdings of US Treasuries and increasing its gold reserves. Over the last 12 months, China sold $101.9 billion in US Treasuries, with a record amount sold in the first quarter of 2024, reducing their holdings to $767.4 billion by March 2024. In the last month alone, China sold $50 billion of US bonds. Concurrently, China's gold reserves have reached their highest levels, with 2,262 tonnes reported in March 2024, up from 1,948 tonnes in March 2021. Officially, China buys $25 billion of gold per year and is expected to flip reserves by 2025, holding more gold than Treasuries. This shift is part of a broader strategy to move away from the US dollar for cross-border trade. Additionally, China's demand for gold bars and coins surged by 68% year over year in the first quarter of 2024.
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