China currency reserves: gold purchases, bonds - and a mystery

China is reducing US government bonds and stocking up on gold. But foreign exchange reserves are stagnating - despite high export surpluses. Where are the billions going?

China is adopting a new strategy: fewer US bonds, more gold. But one central puzzle remains unsolved - the trade surplus is disappearing without being reflected in reserves.

Generated by KI (DALE-E3)

China's dollar holdings continue to fall

According to figures from the US Treasury Department, China's holdings of US government bonds fell to 760.1 billion U…