World central banks are diversifying their reserves:
- Foreign holdings of Treasuries as % of US government debt have fallen to ~23%, the lowest in 22 years.
- The percentage is down ~11 percentage points over the last 9 years.
- At the same time, gold holdings as a % of global international reserves have hit ~18%, the highest in 26 years.
- The share has risen ~8 percentage points since 2015.
- China has been one of the biggest buyers of gold over the last few years.
- Since the beginning of 2023, China's gold reserves as a % of total foreign reserves have doubled to 7.1%.
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