Is Beijing flashing an imminent currency devaluation? China is in a gold-buying spree

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Last week we showed how, in a time when reserve managers are actively selling a modest if notable amount of their dollar reserve holdings and replacing them with everything from the yen, to the euro and yen, the one country that has decided it will no longer be part of the USD monetary sphere of influence, is Russia, which has been dumping dollars and buying gold at the fastest pace in decades. Yet while Moscow’s appetite for gold, which has doubled Russia’s international gold reserves over the past three years, remains unparalleled, Beijing has also quietly joined its northern neighbor in casting a smaller if just as material vote of no confidence in the dollar: overnight, the PBOC reported that the world’s second-largest economy added to its gold reserves for the fourth straight month, adding to recent speculation that central banks globally will continue to build holdings even as they dispose of their US dollar reserves.

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This post originally appeared on SOTT.net

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