China has lowered its US Treasury holdings for the third month in a row, opting to hoard large amounts of gold bullion instead.
According to the latest data from the US Treasury, China lowered its T-Bill holdings by $900 million, from $757.2 billion in April to $756.3 billion in the month of May.
The sell-off marks China’s third straight shedding of Treasuries since February, when the Asian powerhouse held $784.3 billion worth of US bonds.
Meanwhile, reports that China is covertly buying much more gold than what public numbers disclose are making the rounds.
Stefan Gleason, president and chief executive at Money Metals, tells MarketWatch that China is likely downplaying its gold purchases for efficiency’s sake.
“Given how much gold it’s buying, it’s quite sensible for China to limit public disclosures where possible… After all, it’s not in the interest of any bona-fide buyer to take actions that make its…
