BRICS member China is on a dumping spree as it offloaded billions worth of U.S. treasuries and agency debt in the last seven months. The Communist country is distancing itself from the U.S. economy and is accumulating tonnes of gold in its reserves instead. The People’s Bank of China (PBOC) published a report showing that the country holds 2,250 tonnes of gold in 2024. That’s close to $159 billion worth of gold in China’s reserves while the U.S. dollar is being shown the door.
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The dumping of the U.S. treasuries and agency bonds from China falls in line with the BRICS agenda of de-dollarization. BRICS has been the top buyer of gold since 2022 and is replacing U.S. treasuries in its reserves with the precious metal. Read here to know how many sectors in the U.S. will be impacted if BRICS ditches the dollar for trade.
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