de-dollarisation

China’s central bank extended its gold-buying streak to 20 consecutive months in June, adding 480,000 troy ounces to its reserves. The total gold holdings reached 75.44 million troy ounces, reflecting Beijing’s efforts to diversify foreign-exchange reserves amid de-dollarisation discussions.

China’s central bank extended its gold-buying streak to 20 consecutive months in June, adding 480,000 troy ounces (14.93 tonnes) to its reserves. Total gold holdings reached 75.44 million troy ounces (2,346 tonnes), reflecting Beijing’s de-dollarisation efforts and diversification of foreign-exchange reserves.

Central banks are expected to increase gold holdings as the US dollar's dominance in global reserves declines over five years, according to the World Gold Council. A survey indicates 90% of central banks anticipate continued growth in gold reserves, with 45% of respondents setting a record.

The European Central Bank (ECB) is shifting toward a tighter monetary policy. The article also mentions ongoing discussions around debt restructurings and the trend of de-dollarisation in global finance.

China and Russia have shifted to using their own currencies for bilateral trade, but Chinese banks face challenges balancing trade with Russia and maintaining access to the US dollar-based financial system due to sanctions concerns.